Lotte Shopping Likely to Sign Deal Friday to Buy Controlling Stake in Himart -Lotte Group
07/05/2012| 09:30pm US/Eastern
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By Min-Jeong Lee
SEOUL--South Korea's Lotte Shopping Co. (>> Lotte Shopping Company Limited) is likely to sign a contract later in the day to buy a 65.25% stake in local electronics retailer Himart (>> Himart Co Ltd), a spokesman for Lotte Group said Friday, in a deal potentially worth over $1 billion.
The spokesman, however, wasn't immediately able to confirm the size of the deal. The company will make a regulatory filing once the deal has been finalized.
Lotte Shopping, South Korea's largest department store operator by revenue, is an affiliate of local conglomerate Lotte Group.
Yonhap news agency reported Friday, citing unnamed shareholders of Himart, that Lotte Shopping has offered 1.2 trillion won ($1.06 billion) for the controlling stake in Himart.
Earlier this week, shareholders of Himart picked Lotte Shopping as the preferred bidder for the Himart stake up for sale.
At 0056 GMT, Himart shares were up 0.2% at KRW58,400.
Write to Min-Jeong Lee at min-jeong.lee@dowjones.com
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