In the news today, two stories from Yonhap News Agency (click on the headlines for the full story) -
Hana Card agrees to sell 49 pct stake to SK Telecom
- Hana Financial Group Inc., South Korea’s fourth-largest financial service firm, agreed with SK Telecom Co. Friday (Dec. 11) to sell a 49 percent stake in its credit card unit, a source familiar with the deal said.
- Hana Financial will remain the largest shareholder with a 51 percent stake. Hana Card is expected to launch a rights offering in order to transfer the agreed stocks.
Lotte Group pushing to acquire local duty-free stores
- Lotte Group, a South Korean retail and beverage conglomerate, said Friday (Dec. 11) that it plans to take over duty-free stores from Aekyung Group, another local conglomerate.
- Currently in talks with the Fair Trade Commission as the deal could violate antitrust laws.
- Duty-free shops operated by Lotte posted 1.11 trillion won (US$1 billion) in sales last year, dominating the local duty-free market with a 50 percent market share.
- Aekyung has three duty-free stores and one online duty-free shop, whose combined sales stood at 320 billion won in 2008
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