Hana may have to pay more for KEB

By Kim Tae-gyu

Han Financial Group’s financial burden for its envisioned high-profile acquisition of Korea Exchange Bank (KEB) from U.S.-based Lone Star Funds appears to be snowballing.

Hana originally announced last November that it would pay 4.7 trillion won ($4.1 billion) to acquire a 51-percent stake in KEB, which has been under the control of Lone Star since 2003.

Yet, it later disclosed that it would pay Lone Star 850 won per share in dividends that would total some 280 billion won although the group claims that this payment has little to do with the takeover deal.

Additionally, the Export-Import Bank of Korea (EXIM Bank) may also make demands on Hana as the former has the right to sell off its 6.25-percent stake in KEB to the latter.

Under the so-called “tag-along right,” otherwise dubbed the co-sales right, EXIM Bank can ask Hana to buy the 6.25-percent stake at the same price offered to Lone Star _ 14,250 won per share.

This means that Hana may have to secure around 570 billion won more to meet the prospective requirement of buying more than 40 million KEB shares with prices inflated up to 40 percent.

KEB stock prices have fallen on the Seoul bourse over the past few months after the Hana-Lone Star contract was disclosed and closed at 10,250 won per share last week.

Hana seemingly hopes that EXIM Bank will scrap the co-sales right but the latter is pondering over whether or not to exercise the lucrative option.

``We are currently reviewing all possibilities but nothing has been decided yet. But if the option prices are higher than market ones, it would make sense to exercise the tag-along right,’’ an EXIM Bank spokesman said.

``We plan to come up with a conclusion before the financial regulator makes its decision on the Hana-Lone Star deal, which we think will come in the not-so-distant future.’’

Market observers point out that EXIM Bank would come under fire should the state-run agency give up the opportunity to chalk up a substantial profit.

``EXIM Bank may suffer criticism that it is giving special treatment to Hana if it does not exercise the tag-along right. Many would bring up the fact that Hana CEO Kim Seung-yu is a close friend of President Lee Myung-bak,’’ a Seoul analyst said.

What’s more, when the deal is completed, Hana will have to pay approximately 550 billion won in tax on the profits of Lone Star.

Hana can get the amount back from Lone Star but the closed-end fund is expected to bring the case to court, contending that the taxes are inappropriate.

``Considering that it takes as long as five years to wrap up court cases on tax, Hana may not be able to recoup the 550 billion won from Lone Star any time soon,’’ KEB trade union spokesman Kim Bo-heon said. ``Then, Hana will have to funnel upside of 6 trillion won to take over KEB. We think that is too much for Hana. That’s why we argue that it will suffer from the winner’s curse down the road.’’

Hana officials were not available for comment on Sunday. But they have said that the group has prepared sufficient funds to acquire KEB via dividends from its flagship Hana Bank, corporate bonds and equity financing.

하나금융, 외환 인수 자금 눈덩이?

하나금융그룹의 외환은행 인수 자금이 눈덩이처럼 불어나고 있다는 걱정이 일고 있다. 처음에 발표한 4조 7천억 원 이외 추가 비용이 발생하고 있다는 지적이다.

우선 하나금융이 외환은행을 소유한 론스타에게 약속한 주당 850원의 배당금은 약 2천 800억원이 소요된다. 하나 측에서는 외환 인수와 무관한 자금이라고 주장하지만 결국 하나 측이 부담 해야하는 금액이라는 논리다.

또한 수출입은행이 보유한 외환지분 6.25%에 대해 론스타 계약액인 주당 14,250원으로 하나가 인수 해야하는 테그어롱(tag-along) 옵션을 행사한다면 하나그룹은 5천 700억원이 추가로 필요하다.

수출입 은행은 테그어롱 옵션 행사 여부를 아직 결정하지 못했지만 지난주 외환은행 종가가 주당 10,250원이었다는 점을 고려하면 옵션을 행사할 것으로 예상된다. 옵션 행사를 하지 않을 경우 국책은행이 수익을 포기하고 특정 금융지주에 특혜를 행사한다는 의혹을 받을 수도 있기 때문이다. 하나지주의 김승유 회장이 이명박 대통령과 친밀한 사이라는 점도 부담이다.

수출입은행 관계자에 따르면 “금융위원회가 외환은행 계약 승인여부를 결정하는 즈음에 옵션 행사 여부를 정할 것이다. 아직 아무 것도 정해진 것이 없지만 주가가 현재처럼 계속 낮다면 옵션 행사하는 것이 합리적이라고 볼 수 있을 것”이라고 했다.

또한 5천억원을 상회하는 세금도 문제다. 하나금융 측이 먼저 부담하고 론스타 측에 청구해야한다면 이 또한 부담으로 작용할 수 있다. 론스타가 소송을 통해 법정다툼이 3~5년이 지속되면 하나금융이 회수하는데 어려움을 겪을 수도 있다.

이런 상황 때문에 외환은행 노조는 하나그룹의 외환 인수 부담은 6조원을 상회한다고 주장하며 “승자의 저주” 가능성을 제기해 왔다.

하나그룹 측은 일요일 연락이 닿지 않았다. 하지만 하나금융은 그 간 충분한 자금을 마련하였고 인수에는 전혀 문제가 없다고 말해왔다.