lotte-shopping-to-buy-indonesian-discount-stores

Lotte Shopping to buy Indonesian discount stores

The Korean company beats rivals to buy SHV Holdings' 75% stake in PT Makro Indonesia for $222 million.
Lotte Shopping said on Tuesday that it intends to buy a 75% stake in Pt Makro Indonesia from Dutch trading company SHV Holding for W294 billion $222 million.

Lotte, South KoreaÆs top department store chain, will purchase 4.7 million shares in the Indonesian discount retailer for cash. Its Singapore affiliate Lotte Shoppings Holding will buy the remaining 25% of the company following approval from the Indonesian government, according to a regulatory filing.

The deal follows Lotte's acquisition of a 49% stake in CTA Makro, a Chinese cash-and-carry supermarket venture, from SHV Holding in late 2007. Lotte paid Ç57.6 million $83.2 million for the company, which operates six supermarkets in Beijing and two in Tianjin...
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