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Panel tough on foreign hostile takeovers.
(From The Korea Herald)
By Sim Sung-tae Fair Trade Commission Chairman Kang Chul-kyu said yesterday that his agency will revise the law to make foreign hostile takeover attempts of domestic companies more difficult.
During a meeting with SK Corp. Chairman Chey Tae-won, Kang agreed to revise the fair trade law to keep foreign investors from using multiple names to purchase shares in Korean companies.
The current law defines the overseas parent enterprise of a foreign- invested company and firms it has invested in as a single entity.
But under the revised law, the definition would include the relatives and employees of a foreign investor as well as all the companies under their management control.
The commission chairman met with LG Group Chairman Koo Bon-moo on Thursday and plans to hold talks with other conglomerate ...
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