Lotte Acquires Interest in Showa Denko; Plans Investments in Post-COVID-19 Era

Petrotahlil - TokyoLotte Chemical has purchased a 4.46% interest in Showa Denko for 161.7-billion won, reported Busi-nessKorea.

According to the report, Lotte Group Chairman Shin Dong-bin, during a meeting of Lotte Holdings executives on 19 May 2020, called for "bold" investments in new businesses in the post-COVID-19 era.

"As COVID-19 has increased uncertainties, diverse companies could come up for sale in the M&A [mergers and acquisitions] market," said the report quoting a Lotte official.  "We will consider taking M&A chances with various options based on our solid cash flow."

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