Korea’s bourse operator on Wednesday gave the green light to Hana Financial Group Inc.‘s request to list its new shares on the local bourse, a move expected to expedite the group’s takeover of the country‘s fifth-largest lender.
Hana Financial’s new shares will start trading on Thursday, the Korea Exchange (KRX) said in an e-mailed statement, adding that the decision was reached upon a comprehensive discussion on the legal issue.
In November, Hana Financial, Korea‘s No. 4 banking group, clinched a deal to buy a 51.02 percent stake in Korea Exchange Bank
(KEB) from U.S. buyout firm Lone Star Funds for 4.69 trillion won ($4.2 billion).
But in February, four minority shareholders of Hana Financial filed a lawsuit in a bid to invalidate the group’s plan to list new shares on the main bourse, claiming the share sale infringes on rights of existing shareholders.
KRX‘s decision comes a day after a Seoul court ruled in favor of Hana Financial’s request to nullify the bourse operator‘s move to delay the listing of its new shares.
The financial regulator is set to give the nod to Hana Financial’s deal to buy KEB on March 16. If Hana Financial receives regulatory approval, it would become the No. 3 industry player with 316 trillion won in assets. (Yonhap News)