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2002-8-9 08:00:00 a.m. HKT, XFNA
Lone Star Fund raises bid for Seoulbank - report
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SEOUL (AFX-ASIA) - US-based Lone Star Fund has sweetened its bid for
Seoulbank by proposing a profit-sharing scheme with the government for a
period of three years after the acquisition, the Korea Economic Daily
reported, citing an unidentified source at Lone Star.
The official was quoted as saying the government is expected to collect
an additional 150 bln won from the profit-sharing arrangement on top of the
850 bln it stands to raise from the sale of Seoulbank.
Earlier this week, a sub-committee of the Public Fund Oversight Committee
recommended Hana Bank as favored bidder over Lone Star, with the final
decision on the matter deferred to next week.
""We will study whether Lone Star's new proposal is acceptable in legal
terms,"" Finance and Economy Ministry financial policy division head Byun
Yang-ho was quoted as saying.
afx@afxseoul.com
seo/zr
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