ktg-shareholder-sells-48-stake-in-the-company

KT&G shareholder sells 4.8% stake in the company

Speculation that the seller of the $460 million block was Carl Icahn contributed to the share price falling below the placement price in the wake of the transaction.
Shares in KoreaÆs largest tobacco company KTG Corporation came under pressure yesterday after an existing shareholder sold $460 million worth of shares at a 3.8% discount to MondayÆs record close.

The stock tumbled as much as 5.7% to a low of W59,500 shortly after opening, and while recovering from there fairly quickly, it never returned above the W60,700 placement price and eventually closed 4.1% lower at W60,500.

The sell-off came amid speculation that the selling shareholder was Carl Icahn, the shareholder activist who earlier this year, with a partner, led a seven-month campaign to push KTG's management to boost the shareholder value of the company. The pair dissolved their alliance in August and...
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