Goldman Sachs , a top shareholder of South Korea's Hana Financial Group , sold a 3.1 percent stake in the group worth 322.5 billion won ($299 million) in a block deal on Thursday, sending Hana shares down nearly 5 percent. The stake sale comes at a critical point as Hana awaits regulatory approval for its $4.1 billion takeover of Korea Exchange Bank (KEB) from U.S. private equity fund Lone Star , which would mark the country's biggest banking acquisition. The approval has been delayed since the country's supreme court overturned an acquittal of Lone Star's former head of Korean operation last month over stock price manipulation, raising uncertainty over the prospects of the deal. "We're briefed that the stake sale is primarily aimed at squaring off maturing funds in June and adjusting (Goldman's) investment portfolio," a financial regulatory source told Reuters.
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