S. KOREA: Lotte denies Jinro acquisition links
By just-drinks.com editorial team | 23 December 2003
Continuing the confusing press reports coming out of South East Asia concerning the potential sale of South Korea's Jinro ltd, the Lotte Group today denied that it had formed any consortium to buy the Soju maker.
As reported yesterday in just-drinks, the South Korean press published reports that an industrial group had struck a deal to tale over the insolvent Jinro, and then sell on the Japanese subsidiary to Japan's Asahi Breweries.
It has become apparent today that these reports concerned the retailer group Lotte. However the company was reported by the AFX news agency as denying the story.
"The report is not true at all. We have not formed any consortium to take over Jinro," a group spokesman said. "Jinro's debt structure is so complicated that it's kind of impossible to bid for it."