FTC’s conglomerate list falls by 23 companies

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FTC’s conglomerate list falls by 23 companies

Korea’s antitrust regulator said Thursday that the number of firms affiliated with local conglomerates on its watch list fell by 23, to 2,570, over the last three months.

The Fair Trade Commission (FTC) said 26 conglomerates added 67 companies as affiliates between Nov. 1, 2018 and Jan. 30, 2019, while 29 other conglomerates removed 90 firms from their business groups.

The commission said mergers meant to improve business efficiency contributed to the decline in the number of affiliates during the period.

Kakao, the operator of the top Korean mobile messenger KakaoTalk, acquired five Korean entertainment agencies.

Business groups with 10 trillion won ($8.9 billion) in assets or more are categorized as conglomerates by the FTC and put on the watch list.

Those on the list are subject to a set of restrictions, including a ban on cross-shareholding.

Yonhap

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