LG rejects plan for Hanaro Telecom
LG Group rejected a proposal from SK Telecom Co. yesterday in which voting shares of Hanaro Telecom Co. would be sold to foreign investors instead of to LG. LG Group previously suggested a 500-billion-won ($422 million) capital increase for Hanaro Telecom, and Hanaro’s shareholders will vote on the issue tomorrow. “It seems SK Telecom wants to keep LG Group from increasing its stake in Hanaro Telecom, but the plan lacks reality and detail and is unacceptable,” an LG official said. An SK Telecom official said the company intends to keep Hanaro Telecom from being merged with unhealthy Dacom and Powercomm, which are affiliates of LG Group.
with the Korea JoongAng Daily
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