All,
Found this in the paper this morning. If ANZ can pick up KEB for a good book value (around 1) it will help to cement and grow the Asian strategy.
ANZ closes in on Korean bank stake buy
Eric Johnston October 11, 2010 - 12:28PM
http://www.smh.com.au/business/anz-closes-in-on-korean-bank-stake-buy-20101011-16f0l.html
ANZ will push ahead with a deal to acquire a majority stake in Korea Exchange Bank, according to an unsourced report in The Korea Times newspaper.
A separate report said ANZ is likely to make a tender offer to buy out Korea Exchange Bank's minority shareholders.
ANZ remains in the box seat for Korea Exchange Bank, emerging as the only bidder for the stake, which had been put on the block by the US private equity fund Lone Star.
While ANZ has previously confirmed it is doing due diligence on KEB, it has declined to comment further.
However ANZ chief executive Mike Smith last week said an announcement was likely soon.
?It is very hard for me to say much, only that due diligence is proceeding and hopefully we will tell you more soon,? Mr Smith told reporters.
In August ANZ said it was considering the purchase of a 57.3 per cent stake in the South Korean bank. However any acquisition would carry a hefty price tag ? with analysts tipping more than $4 billion.
ANZ has some $4.5 billion in surplus capital, but analysts have said it may have to undertake a capital raising if it pushes ahead with the acquisition to keep its capital ratios topped up.
The Korea Times yesterday reported ANZ is winding down its due diligence, with the bank to submit a final offer by the end of the month.
Analysts have said a relatively strong Australian dollar has boosted chances of ANZ moving quickly.
Korea Exchange Bank would mark ANZ's beachhead into the fast-growing market, which remains one Australia's key trading partners.
Korean based analysts have said ANZ will eventually seek to delist KEB by buying out the bank's minority shareholders to avoid potential conflicts of interest, the English language JoongAng Daily reported.
State-run Export-Import Bank of Korea has a 6.3 percent stake in KEB, while the Bank of Korea has 6.1 per cent and the Korea's National Pension Service has 5 per cent.
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