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’Lone Star in J-Reit rescue attempt
The attempt by Lone Star to acquire New City Residence, Japan’s first real estate investment trust to file for court protection, appears likely to fail on Wednesday when creditors meet for a second time to vote on the US hedge fund’s proposal.
KB poised for $2bn cash call
The parent company of Kookmin Bank, one of South Korea’s leading lenders, has hired investment banks to assist with a $2bn-plus capital raising. The move will fuel speculation that Kookmin is amassing a war chest to bid for Korea Exchange Bank,
HSBC quits $6bn Korean bank deal
HSBC on Thursday night abandoned its year-long pursuit of Korea Exchange Bank after failing to renegotiate the price of the $6.3bn deal. The bank terminated an agreement with Lone Star to buy a 51% stake in KEB after the US buyout group refused to lower the price to reflect the sell-off in global banking stocks.
Merrill catches ‘Lehman bug’
Merrill Lynch shares fell nearly 17% on Thursday as worries over Lehman Brothers’ future raised questions on which investment bank may be next to face questions about its survival, reports Reuters. Lehman shares slid 42% to $4.22,
Lone Star rides in to rescue IKB
Germany drew a line under one of its biggest banking crises on Thursday as it revealed a deal to sell IKB, the lender stricken by subprime investments, to a US investment group. Lone Star is acquiring more than 90% of IKB from KfW,
Merrill’s surprise CDO writedown, revisited
When did Merrill know about its surprise CDO writedown?
Commentators last week were revisiting the issue of “tranche warfare” on CDOs, and some of the legal tussels which have been going on. Which, it turns out,
HSBC seeks lower price for KEB
HSBC will seek to negotiate a lower price for Korea Exchange Bank after financial stocks slumped in the 11 months since the $6bn purchase was first announced, reports Bloomberg on Monday. HSBC, Europe’s largest bank,
Lone Star eyes block sale of KEB shares
Lone Star, the US buyout group, may sell out of Korea Exchange Bank through block share sales, the Korean lender’s chief executive said Thursday, as attempts to sell the bank to HSBC continue to face regulatory hurdles.
Fresh doubt on HSBC’s plan for KEB
HSBC’s plan to buy the controlling stake in Korea Exchange Bank may not be approved before the deal deadline expires next month, Korea’s financial regulator has signalled, despite a court ruling that should have cleared the way for the $6.3bn takeover.
Lone Star buys Deutsche Post assets
Deutsche Post has made good on a promise to investors by selling €1bn of the logistics company’s property to US buy-out group Lone Star to improve cash generation. The deal means Deutsche Post has exceeded its stated goal of freeing up at least €1bn from asset sales,
HSBC pushed on KEB price
Lone Star will soon seek to renegotiate its contract to sell Korea Exchange Bank to HSBC, and will ask the British bank to increase its offer beyond the current $6.43bn to reflect the increase in the target’s book value,
HSBC clears key hurdle in KEB saga
HSBC on Wednesday won antitrust approval in South Korea for its planned $6.3bn acquisition of Korea Exchange Bank, removing another hurdle against its expansion in Asia’s third-largest banking market.
For Lone Star founder, an involuntary Korean holiday may be the last straw
Anyone who has followed the South Korean saga embroiling US private equity house Lone Star in the last few years might think twice before embarking on an M&A shopping trip to Seoul. They’ll think even more carefully after hearing of the involuntary Korean holiday and video notoriety ensnaring John Grayken,
Now Lone Star eyes Northern Rock
Lone Star, the US buy-out firm, has joined the growing list of potential bidders for the embattled Northern Rock. The firm joins private equity rivals JC Flowers, Apollo and Blackstone in considering a bid for the UK bank.
HSBC faces fresh hurdle on KEB deal
South Korea’s financial regulator is investigating Lone Star’s legitimacy to be the major shareholder of Korea Exchange Bank, in a complicated probe that poses a new challenge to HSBC’s plan to take over the country’s fifth-largest lender.
HSBC’s Korean millstone – er, ‘milestone’
For a South Korean bank that ranks only as the country’s sixth largest, Korea Exchange Bank seems to exude irresistible appeal for some western buyers – first Lone Star and now HSBC have shown an extraordinary willingness to jump through hoops for a prize that should have warning labels plastered all over it.As the FT reports Tuesday,
HSBC ‘punts’ on persuasive powers in Korean deal
HSBC said Monday it would hold a “full and open” dialogue with South Korea’s financial regulators in the next few months as the world’s fourth-largest bank seeks permission for its $6.3bn deal to buy a controlling stake in Korea Exchange Bank.
Fresh blow for Lone Star on KEB exit plan
Lone Star, the US private equity group, suffered a fresh blow on Tuesday in its attempt to withdraw from Korea Exchange Bank when a watchdog reiterated that a sale of its stake to HSBC must wait for the conclusion of all court cases connected to KEB.
HSBC in talks for majority KEB stake
HSBC is in talks to buy a 51% stake in Korea Exchange Bank from US private equity group Lone Star for about $5bn-$5.5bn, in a move that would realise the bank’s desire for a presence in Asia’s third-largest banking market.
HSBC in talks for stake in Korea Exchange Bank
HSBC said it is in talks to buy a majority stake in Korea Exchange Bank from US buy-out group Lone Star, in a move that would bolster the British bank’s emerging-markets banking business, reports the Wall Street Journal.
American Home, Accredited Home in jeopardy
American Home Mortgage plans to close most operations on Friday and said nearly 7,000 employees will lose their jobs as the lender becomes one of the biggest casualties of the US housing downturn, reports Reuters.
Lone Star out of step and out of favour in South Korea’s buy-out boom
The controversy — and mystery — deepens around the woes, and not inconsiderable holdings, of US private equity group Lone Star in South Korea.
On Tuesday, Reuters ran conflicting reports — the first
Lone Star ‘in talks’ to sell Korea Exchange Bank
Lone Star, the US private equity fund, is in talks with several strategic investors to sell its remaining 51 per cent stake in Korea Exchange Bank, possibly before a court ruling on its 2003 purchase of the South Korean lender,
Morgan Stanley in Japan’s biggest property deal
Morgan Stanley on Friday won the fiercely-contested bidding to buy 13 hotels from All Nippon Airways, the Japanese airline, for Y281.3bn ($2.4bn), in Japan’s largest ever property deal, the FT reports from Tokyo.
Lone Star fuels speculation about South Korea exit
Lone Star Funds plans to sell Kukdong Engineering & Construction and Star Lease, two South Korean companies, as the US private equity group continues to face scrutiny over its investments in Asia’s third-largest economy.
Seoul pushes for KEB deal to be nullified
South Korea’s audit board said it had asked the Financial Supervisory Commission to nullify Lone Star’s purchase of Korea Exchange Bank after concluding that the US private equity fund’s acquisition of the lender was “illegal”.