SEOUL: The board of Hanaro Telecom Inc, South Korea's second largest broadband operator, has turned down a proposed US$1.05bil investment led by American International Group (AIG), allowing a local conglomerate to keep a firm grip on the company.
The “No” vote came two days after LG Group, the biggest shareholder in Hanaro with a 13% stake, proposed that the loss-making Internet operator issue US$419mil in new shares, aiming to thwart the AIG-led consortium’s bid for Hanaro.
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