IPO delayed: South Korea’s Hotel Lotte Co, which planned for a IPO this month, has pushed it back until July. – Reuters
SEOUL: Lotte Group’s hotel unit delayed what could be South Korea’s largest initial public offering and cut the price after prosecutors in Seoul began an investigation into bribery allegations against executives of the family-run company.
Hotel Lotte Co reduced the maximum size of the sale to 5.26 trillion won (US$4.5bil) from an earlier target of 5.74 trillion won, the company said in a filing here yesterday.
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