S KOREA: Hite hopes to close Jinro deal in May
Hite Brewery Co expects to formally sign a deal on the acquisition of South Korea's Jinro within the month.
At the beginning of April, Hite Brewery signed a preliminary agreement to acquire Jinro for around US$3.2bn.
The Hite-led consortium includes a military savings fund, a teachers' pension fund and an investment arm of state-run Korea Development Bank. Hite itself is 25% owned by Carlsberg.
A spokesman was quoted in the local media today (6 May) saying: "As Hite will finish its due diligence on Jinro today, the main contract may be concluded around May 23.
"Hite is supposed to pay a 10% contract fee, and the exact payment will be decided through negotiations after the due diligence," he added.
Hite Brewery begun a four-week period of due diligence on the South Korean soju producer in mid-April.
Hite won the bidding process after Jinro was put up for sale after being placed in receivership in 2003, when its debts rose to KRW1.72 trillion.
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