Commerzbank divests KEB block

A $726 million deal sets the tone for Lone Star's planned exit
GermanyÆs second largest listed lender Commerzbank AG has sold more than half its stake in Korea Exchange Bank, raising Won703.2 billion $726 million from a divestment that sets the benchmark for Lone Star FundÆs exit from the bank.

The block sale, which was jointly arranged by Goldman Sachs and UBS, was priced at the bottom end of the offered price range at a 4.3% discount to TuesdayÆs closing price. The deal marks the second largest equity transaction from Asia ex-Japan this year after Lotte Shopping's $3.5 billion IPO.

The German lender marketed the 52.48 million share deal at Won13,400 to Won13,750. This represented a discount of 1.8% to 4.3% to the latest close....
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