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Biz News Korea(Eng)
Lotte agrees to buy controlling stake in Hyundai Logistics
- Collected
- 2016.05.12
- Distributed
- 2016.05.16
- Source
- Go Direct
The acquisition will be financed by eight Lotte companies, including Lotte Confectionary Co. and Lotte Logistics Corp. and some strategic investors. Lotte Confectionery’s board meeting Tuesday approved its plan to acquire a 4.52 percent stake in Hyundai Logistics for 32 billion won.
The majority stake of 88.8 percent in Hyundai Logistics is owned by IGIS I Corp. a special purpose company (SPC) set up by Orix Private Equity with a 35 percent stake, Lotte Group with a 35 percent, and Hyundai Merchant Marine with a 30 percent.
Lotte Group aims to reinforce its delivery and logistics business through the takeover by combining Lotte Logistics’ land transportation network and Hyundai Logistics’ marine and air transport network.
“Established logistics companies are working hard to defend their market against emergent mobile commerce companies such as Coupang and the latest acquisition deal reflects these market dynamics,” said a market expert. Some say Lotte Logistics and Hyundai Logistics would be combined into one company.
The transaction is also expected to ease the cash crunch of struggling Hyundai Merchant Marine. The shipping company took its current stake in Hyundai Logistics for 100 billion won in September 2014.
By Son Il-seon and Han Woo-ram
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]