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Lotte to buy $84 mln China store chain stake

Sun Dec 16, 2007 11:38pm EST

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SEOUL, Dec 17 (Reuters) - Lotte Shopping Co (023530.KS) said on Monday it would buy a 49 percent stake in Chinese discount store chain CTA Makro for 78 billion won ($83.90 million) to speed up its move into the world's fastest-growing major economy.

Lotte, which runs South Korea's biggest department store chain and No.2 discount store chain, signed an agreement to buy the stake in the joint venture between Dutch-based SHV Holdings NV and China Trade Association Property Corp, it said in a filing with the Korea Exchange.

Under the agreement, Lotte would take managerial control of the company.

Makro, which has five stores in Beijing and two in Tianjin, is expected to generate 150 billion won in 2007 revenue and a 3.5 billion won net profit.

($1=929.6 Won)

(Reporting by Kim Soyoung; Editing by Sei Chong)



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