A bitter, years-long power struggle that has torn apart the family behind Korean chaebol Lotte Group is over, after the elder son of group founder Shin Kyuk-ho waved the white flag by selling part of his stake in retail flagship Lotte Shopping.
Sources familiar with the situation said Shin Dong-joo sold 5.5% of the Seoul-listed shopping group, representing more than 40% of his personal stake, in a secondary market block trade after markets closed on Thursday. He raised some W391 billion $341 million.
The share sale marks the withdrawal of Dong-joo, known as Hiroyuki Shigemitsu in Japan, from the battle for control of the Japanese-Korean...
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