Lotte Hong Kong has formally obtained written clearance from China’s anti-monopoly body to proceed with its acquisition of Chinese supermarket group Times.
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In a statement to the stock exchange, Times said that Lotte was now satisfied that the precondition for the sale – obtaining regulatory approval – was satisfied and that the company would now proceed and dispatch a composite document to Times shareholders.
At the request of Times, trading in its shares was suspended this morning (16 December), with trading to resume tomorrow.
In October, Lotte struck a deal to pay HK4.87bn (US$628.1m) to acquire a majority stake in Times.
Earlier that month, Lotte said it planned to invest KRW732.7bn in its Hong Kong unit to fund expansion in China and Hong Kong.
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