Seoul — Lotte Group is poised to unveil a reorganisation of four businesses valued at about $12bn, a move that would allow its chairman to tighten his grip on the hotels-to-retail conglomerate rocked by a years-long family feud and a corruption trial. The boards of Lotte’s shopping, confectionery, food and beverage units are to meet in Seoul on Wednesday to vote on the overhaul, Lotte said in a text message. The four publicly traded firms will likely be separated into investment assets and operating companies, with the non-operating company holdings eventually coming under a single entity, a Lotte Group official said last month. The single holding company structure could give more clout to Shin Dong-bin, the chairman and younger son of the founder, by making it harder for his elder brother and rival, Shin Dong-joo, to win over enough shareholders to gain control. The move would also help unravel cross-shareholdings between group businesses that have come under criticism by the gover...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.