It was reported that Lone Star Fund and HSBC agreed to extend their contractual deadline for completion of HSBC’s proposed acquisition of 51.02 percent of Korea Exchange Bank(KEB) from April 30 to July 31.  HSBC had entered into a contract to buy out KEB from the Lone Star last September with a provision that either side can cancel the contract unless they obtain government approval for the sale by the end of April. Currently the Korean government has not approved the deal due to ongoing lawsuits regarding Lone Star’s alleged stock price manipulation.  Here is a related news article.

© 2008 Wonil Chung, a Korean M&A Lawyer/Chung & Partners, a Korean M&A Law Firm.  All rights reserved. Some copyrights, photos, icons, trademarks, trade dress, or other commercial symbols that appear on this post are the property of the respective owners.