S KOREA: Labour union opposes Jinro sale
The labour union of Jinro has said it will appeal for a legal review of the acquisition of the soju-maker by fellow Korean drinks producer Hite Brewery.
The Union said it was opposed to the deal because of the "abnormally high purchase price".
In a statement the union said: "The bidding price of KRW3.2 trillion (US$3.16bn) is almost double the optimal price for reviving the company from court receivership, which amounts to KRW1.7 trillion.
"In such conditions, Goldman Sachs, the largest creditor of Jinro, will take a profit of more than KRW1 trillion without paying any taxes, while the expensive purchase price will lead to a hike in the cost of products and burden domestic consumers."
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