Union Files to Block $4.1B Sale of Korea Exchange Bank

Korea Exchange Bank’s labor union has filed suit to block the $4.1 billion sale of the bank to Hana Financial Group, Reuters reported. In the lawsuit, the union takes issue with a dividend that would be paid to U.S. private equity firm Lone Star, which owns the 51 percent stake in the bank, Reuters said. Lone Star paid $1.2 billion for its stake in 2003, and could earn up to $246 million in dividends, on top of the acquisition price.

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