South Korean actor Kim Tae Woo poses during a photocall at the 59th International Film Festival Locarno, Thursday, Aug. 3, 2006, in Locarno, Switzerland. Kim Tae Woo is starring in South Korean director Kim Youngnam's movie "Nae-chungchun-aegae-goham" ("Don't look back") that will participate in the International competition. (AP Photo/Keystone, Martial Trezzini)



Lotte Shopping Acquires Woori Home Shopping

Lotte Shopping Co. has acquired a 53% share of Woori Home Shopping at an estimated 466,700,000,000 won. Woori Home Shopping is the country's fourth-largest home shopping
network. According to an analyst, the country's leading retailer, Lotte Shopping, announced
yesterday that it bought the 53 percent majority stake in Woori from its largest shareholder
Kyungbang Ltd. in order to enter the television home-shopping business. Lotte Shopping has strived to enter the sector for a long time.

A source said that it is known that Lotte bought Woori's stock for 110,000 won per share,
a total of 4,242,796 shares. Reflecting the uncertain sentiment of the investment, Lotte Shopping shares fell 6,000 won, or 1.82 percent, to 323,500 won by yesterday's 3 p.m. market close. However, Lotte has finally achieved its goal.

It is reported that Lotte Shopping, with a great dream, tried to enter the broadcast home
shopping sector in 1994, and in 2001 it bid for broadcast home shopping. A staff from Lotte said that recently Woori suggested the acquisition. An expert says that Lotte Shopping tried to acquire Woori Home Shopping, the country's fourth largest home shopping company, following GS Home Shopping, CJ Home Shopping, and Hyundai Home Shopping.

Some analysts anticipate that the acquisition would only weigh down Lotte Shopping's stock
price. If the acquisition was between 70,000 won and 110,000 per share, Lotte Shopping could have paid as much as 475.2 billion won. And it is reported that some staff members of Woori Home Shopping vigorously tried to block the process of integrating Woori into Lotte Shopping.
/ 입력시간: 2006. 08.04. 09:33