Lone Star Gets Big Dividend in Korea Deal
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Lone Star Funds will recoup almost a third of its original investment in a move that drew divided reaction.
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SEOUL, South Korea, Nov. 23 Â Lone Star Funds, the private equity firm based in Dallas, canceled an agreement to sell its controlling stake in Korea Exchange Bank to Kookmin Bank, South KoreaÂs biggest lender, citing Âpolitically motivatedÂ prosecutors who have been investigating the deal.
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HSBC Holdings, Europeâs biggest bank, agreed to buy a 51 percent stake in Korea Exchange Bank for $6.3 billion as it attempts to bolster its presence in the fast-growing Asian market. The purchase of the stake from the United States private equity group Lone Star Funds would allow Lone Star, based in Dallas, to exit a controversial investment. HSBC, based in London, said that it did not intend to make an offer for the remainder of the Korean bankâs shares and that the bank would remain listed on the Korea Exchange. The acquisition would catapult HSBC past its foreign rivals Standard Chartered and Citigroup. Both have bested HSBC in the past in purchasing local banks during the post-Asian crisis turmoil. A local court in South Korea has been investigating allegations that Lone Star manipulated the stock price of the Korean bankâs credit card unit in 2003 so that the bank could take it over at a lower price.
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Having bought Lone Star Technologies this year, U.S. Steel finds another strong target.
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More than 40% of the market's long-haul returns have come from dividends.
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Lone Star Funds, Dallas-based investment firm, will pay as much as $660 million to Dutch retailer Royal Ahold for Bruno&#39;s supermarkets.
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The U.S. buyout firm whose sale of Korea Exchange Bank was blocked by a corruption investigation, will collect $445 million in dividends from the bank.
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South Korea's tax tribunal ruled in favor of the National Tax Office's decision to impose $110 million in taxes on Lone Star's sale of an office building, the first verdict out of the U.S. fund's 25 tax disputes in the country.
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HSBC agreed to buy 51 percent of  Korea Exchange Bank from private equity firm Lone Star for $6.3  billion, in a deal that could propel the UK-based bank into the  top ranks of Asia&#39;s third-largest banking market.
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DALLAS (CBS.MW) - Shares of TXU surged as much as 15 percent Monday after announcing it more than tripled its dividend payout from the prior quarter, increased its 2004 and 2005 earnings forecasts, and set a 50 million stock repurchase program.
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Adolph Coors Co. and Montreal-based brewer Molson Inc. said Friday that they will pay a special dividend to Molson shareholders in connection with the companies&#39; merger.
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OAK BROOK, Ill. -- McDonald&#39;s Corp. raised its annual dividend 38 percent to 55 cents from 40 cents, with the total payout worth nearly $690 million.
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U.S. private equity fund Lone Star  is in talks with several strategic investors to sell Korea Exchange Bank (KEB) , Lone Star chairman John Grayken said in an interview with a local newspaper on Monday.
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Accredited Home Lenders Holding Co. , a struggling subprime mortgage lender, has agreed to be acquired by private equity firm Lone Star for $400 million, the companies said on Monday.
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NEW YORK, November 5  - Molson Inc (MOL.A.TOR) has announced a special dividend payment worth about C$381 million for its shareholders, as part of its plans for a merger with the Adolph Coors Company (RKY).
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TXU Corp., the largest power company in Texas, more than quadrupled its dividend, restoring it to 94 percent of what it was about two years ago.
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NEW YORK, October 25  - TXU Corporation (TXU.NYS) has announced a new $50 million share buyback programme, while more than tripling its quarterly dividend payout, leading to an annual rate of $2.