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Lotte establishes W1tr joint fund with pension service
By Sohn Ji-youngPublished : March 10, 2015 - 19:15
Lotte Group has established a joint fund worth 1 trillion won with the state-run National Pension Service in an effort to boost its M&A deals overseas, the group announced Monday.
The two parties each contributed 500 billion won to form the joint fund, which is now registered with the Financial Supervisory Service, according to Lotte.
The fund will function so that each time Lotte Group acquires a foreign company through an M&A or invests in a new business, the National Pension Service will match the investment.
Lotte plans to use the joint fund to acquire new firms in the overseas distribution industry, which are expected to strengthen the group’s current businesses. Meanwhile, Korea Development Bank, KDB Daewoo Securities and Lotte affiliate Sparx Asset Management Korea will manage the fund.
Lotte announced this year that it would invest over 7.5 trillion won in M&A deals at home and abroad.
Lotte is currently in the final stages of acquiring Korea’s KT Rental and negotiating with Italy’s World Duty Free S.p.A. and Russia’s major shopping mall Atrium, among others.
By Sohn Ji-young (jys@heraldcorp.com)
The two parties each contributed 500 billion won to form the joint fund, which is now registered with the Financial Supervisory Service, according to Lotte.
The fund will function so that each time Lotte Group acquires a foreign company through an M&A or invests in a new business, the National Pension Service will match the investment.
Lotte plans to use the joint fund to acquire new firms in the overseas distribution industry, which are expected to strengthen the group’s current businesses. Meanwhile, Korea Development Bank, KDB Daewoo Securities and Lotte affiliate Sparx Asset Management Korea will manage the fund.
Lotte announced this year that it would invest over 7.5 trillion won in M&A deals at home and abroad.
Lotte is currently in the final stages of acquiring Korea’s KT Rental and negotiating with Italy’s World Duty Free S.p.A. and Russia’s major shopping mall Atrium, among others.
By Sohn Ji-young (jys@heraldcorp.com)
