LG Group thwarted in bid for big telecom

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LG Group thwarted in bid for big telecom

Hanaro Telecom, the second largest high-speed Internet service provider, won a battle for control of the company against LG Group. At a shareholders meeting yesterday, Hanaro’s plan to attract a total of $1.1 billion in foreign capital carried 64 percent of the shareholders’ votes. LG, which owns the greatest number of shares in the company with an 18 percent stake, only attracted 20 percent of the vote. Hanaro’s plan involves issuing 182 million new shares, which will make a consortium led by American International Group-New Bridge Capital the largest shareholder of Hanaro with a 39.6 percent stake. LG Group will see its stake shrink from 18 percent to 11 percent, along with the expected blow to its plan to strengthen its position in the telecommunications industry. See Page 6.

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