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Kookmin Bank, the designated bidder for Korea Exchange Bank, has rejected a demand for more money from the major KEB shareholder Lone Star Funds. If the price negotiations collapse, the controversial deal could yet fall through.

Kookmin agreed to buy a 70 percent stake in KEB from Lone Star for W6.9 trillion (US$1=W956) and signed the contract in May. However,[link widoczny dla zalogowanych], the deadline for the contract expired on Saturday because an ongoing criminal investigation into the dubious original sale of the bank to the offshore fund held up progress.

Negotiations to extend the deadline continue. Korea Exchange Bank president Richard Wacker,[link widoczny dla zalogowanych], who is close to Lone Star, on Monday announced the U.S. investment firm is asking for a higher price in return for extending the date to close the deal.

In an in-house broadcast, Wacker said Kookmin Bank wants to extend the deadline without a change in terms,[link widoczny dla zalogowanych], while Lone Star says it cannot keep the terms intact as the value of KEB has improved. He said "If you had a scheduled closing date and,[link widoczny dla zalogowanych], for whatever reason,[link widoczny dla zalogowanych], the buyer needed a significant additional amount of time to complete,[link widoczny dla zalogowanych], you would likely ask the buyer to pay to reflect the increased value of the property.�� KEB recorded good business results in the first half of the year and its value grew,[link widoczny dla zalogowanych], he added.

Wacker said the two sides will reach a conclusion within a few days because their positions are clear and the problem is simple,[link widoczny dla zalogowanych].

But the negotiations are reportedly stuck since Kookmin is adamant. The bank��s senior vice president Kim Ki-hong told reporters on Sept. 8,[link widoczny dla zalogowanych], ��If Lone Star makes unreasonable demands as a condition for extending the deadline,[link widoczny dla zalogowanych], we can always cancel it.�� If negotiations break down,[link widoczny dla zalogowanych], Lone Star will have to find another bidder. A Kookmin staffer said it was difficult to pay a higher price for the purchase given public sentiment,[link widoczny dla zalogowanych], predicting Lone Star will not stick to the demand since it also has no alternative.
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