S KOREA: Authorities rule on Jinro soon - report
The consortium that is poised to acquire Jinro is looking at a deadline for approval from the South Korean anti-trust authority of July 20th, a local report said today.
The news agency Asia Pulse said that the Fair Trade Commission will hold a meeting on the 20th of this month to rule on concerns about whether the deal will create any monopolies.
The consortium buying Jinro is led by Hite Brewery. Jinro controls about 55% of soju market and Hite controls some 58% of beer market in South Korea.
The sale of South Korea's Jinro to the group fronted by Hite Brewery finally went through on the 3 June 2005. The transaction values the liquor company at US$3.4bn.
The acquisition is expected to provide Hite, which is 25%-owned by Carlsberg, with a dominant position in both beer and soju markets in South Korea.
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