October 10, 2018 / 9:28 AM / 2 months ago

Lotte Corp to take stake in chemicals affiliate for $1.9 billion

SEOUL (Reuters) - South Korea’s Lotte Corp (004990.KS) said on Wednesday that it planned to take a stake in Lotte Chemical (011170.KS) for 2.2 trillion won ($1.93 billion) from two affiliates to improve its governance and efficiency.

Lotte Corp planned to acquire 4,101,467 Lotte Chemical shares from Hotel Lotte and 3,863,734 shares from Lotte Property & Development, according to a regulatory filing.

Reporting by Hyunjoo Jin; editing by Darren Schuettler

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