Lotte agrees to buy GS Retail unit: report
SEOUL |
SEOUL (Reuters) - South Korea's Lotte Group has agreed to buy GS Retail's department store and discount store operations in a deal estimated at as much as 1.4 trillion won ($1.20 billion), according to the Maeil Business Newspaper on Tuesday.
"We have not yet signed the deal, but there is a high possibility it will be signed this week," a Lotte Group spokesman told Reuters by telephone.
Lotte Group, which operates South Korea's second-largest retailer Lotte Shopping (023530.KS), said last month that it was considering buying GS Retail's units.
Shares in Lotte Shopping were down 0.16 percent, versus the broader market's .KS11 0.42 percent rise as of 0230 GMT.
($1=1165.7 Won)
(Reporting by Jungyoun Park; Editing by Jonathan Hopfner)
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