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Singapore's DBS calls off talks to buy stake in Korea Exchange Bank
0 Comments | AFP, June, 2007
SINGAPORE (AFP) — DBS Group has called off talks with US private equity fund Lone Star to buy a stake in Korea Exchange Bank (KEB) because of legal uncertainties on the deal, the Singapore bank said Monday.
Dallas-based Lone Star, which owns a majority 64.62 percent stake in KEB, is mired in controversy over the legality of its acquisition of the South Korean bank in 2003.
A South Korean parliamentary panel in March called for Lone Star's takeover of KEB to be cancelled after a state audit body said the deal was flawed.
"DBS was in exploratory talks with Lonestar regarding acquiring a stake in KEB," a DBS spokesman said in a statement.
"We notified Lone Star that we would not be going forward due to the uncertainties in the market surrounding the...
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