A group of buyers completed the acquisition of 71.05% stake in Hyundai Logistics Co., Ltd. from Igis I Corporation for approximately KRW 490 billion.
November 29, 2016 at 11:00 pm EST
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A group of seven buyers agreed to acquire 84.28% stake in Hyundai Logistics Co., Ltd. from Igis I Corporation for approximately KRW 600 billion on May 11, 2016. The group of buyer comprise of Lotte Shopping Co., Ltd. (KOSE:A023530), Hotel Lotte Co., Ltd., LOTTE LOGISTICS Corp., Lotte Chilsung Beverage Co., Ltd. (KOSE:A005300), Lotte Food Co., Ltd. (KOSE:A002270), Lotteria Co.,Ltd. and LOTTE Corporation (KOSE:A004990). Under the terms of the deal, Lotte Shopping Co., Ltd will acquire 0.83 million shares, Hotel Lotte Co., Ltd. will acquire 3.18 million shares, LOTTE LOGISTICS Corp. will acquire 2.54 million shares, Lotte Chilsung Beverage Co., Ltd. will acquire 0.83 million shares, Lotte Food Co., Ltd. will acquire 0.89 million shares and Lotteria Co.,Ltd. will acquire 3.13 million shares of Hyundai Logistics respectively at KRW 0.04 million per share. Also, each buyer will acquire stock warrants which can be used to acquire new stocks of Hyundai Logistics Co., Ltd. In a related transaction, Lotte Confectionery Co. Ltd. (KOSE:A004990) agreed to acquire 4.52% stake in Hyundai Logistics Co., Ltd. for KRW 31.99 billion on May 9, 2016.
The deal was resolved by the Board of Lotte Shopping Co., Ltd. on May 12, 2016 and is expected to be completed in July 2016, by the Board of Hotel Lotte Co., Ltd. on May 18, 2016 and is expected to be completed in July 2016, by the Board of LOTTE LOGISTICS Corp. on May 17, 2016 and is expected to be completed in September 2016, by the Board of Lotte Chilsung Beverage Co., Ltd. on May 24, 2016 and is expected to be completed in July 2016, by the Board of Lotte Food Co., Ltd. on May 18, 2016 and is expected to be completed in July 2016 and by the Board of Lotteria Co.,Ltd. on May 24, 2016 and is expected to be completed in November 2016.
As on October 25, 2016, Lotte Food Co., Ltd. amended the terms of the transaction and will now acquire 0.71 million shares for KRW 28.11 billion. Lotte Food Co. will acquire 0.71 million shares at KRW 39506 per share. Lotte Food Co. will acquire 2.54 million at KRW 39506 per share. The transaction will also now complete on November 30, 2016 instead of July 2016.
A group of buyers completed the acquisition of 71.05% stake in Hyundai Logistics Co., Ltd. from Igis I Corporation for approximately KRW 490 billion on November 30, 2016. As on November 30, 2016, the amended terms of the transaction are that Lotte Food Co., Ltd. acquired 0.7 million shares comprising 3.9% Lotteria Co.,Ltd. acquired 2.5 million shares comprising 13.7%, LOTTE LOGISTICS Corp acquired 2.03 million shares adding to 11.13%, Chilsung Beverage acquired 0.66 million shares adding to 3.62%, Lotte Chemical Corporation acquired 3.2 million shares comprising 17.54%, Lotte Confectionery Co. Ltd. acquired 0.66 million shares adding to 3.62%, Hotel Lotte Co., Ltd. acquired 2.5 million shares adding to 13.92% and Lotte Shopping Co., Ltd. acquired 0.66 million shares comprising 3.62%.
Lotte Shopping Co Ltd is a Korea-based company mainly engaged in the operation of department stores. The Company operates its business through six segments. The Department Store segment is involved of the installation and operation of department stores such as Lotte Depart Store. The Company operates its department stores within the domestic market and to overseas markets, including Vietnam, Russia, Indonesia and China. The Discount Store segment is involved of the installation and operation of discount stores. The Electronics Store segment is engaged in the sale of home appliances and computers and communication devices. The Super segment is engaged in the operation of supermarkets and the rental of real estate. The Home Shopping segment mainly engages in home shopping and e-commerce business through Internet shopping mall and mobile. The Other segment engages in the businesses including the sale of cosmetics, food and other consumer goods, the operation of movie theaters and others.
LOTTE SHOPPING CO., LTD. 
