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South Korea: Lotte Group to acquire spirits maker for $386 million
06 January, 2009
South Korean retail giant Lotte Group will acquire Doosan’s spirits-making division for $386 million (503 billion won), according to Reuters.
South Korean retail giant Lotte Group will acquire Doosan’s spirits-making division for $386 million (503 billion won), according to Reuters.
Lotte Group, which deals in a rage of industries from tourism and construction, was selected as the preferred buyer at the end of last year, seeing off four other suitors. Doosan produces South Korea's traditional spirit, soju.
According to Reuters, Doosan told the Korea Exchange that the sale would help it lower debt and transform into a holding company, as well as secure funding for new businesses.
It has been trying to shift its focus from food and beverage to heavy industry since it bought construction equipment firm Bobcat
Doosan Corp's shareholders who oppose Lotte's acquisition can ask the company to buy back their shares.
