Lotte hints at bid for Oriental Brewery

SEOUL, Feb. 18 (Yonhap) -- South Korea's retail conglomerate Lotte Group hinted on Wednesday that it may have submitted a bid to buy beer maker Oriental Brewery, which is owned by Belgian brewer InBev NV.

Analysts and media reports said InBev was believed to have completed the process
of accepting bids to sell Oriental Brewery, the second-largest beer maker in
South Korea, on the same day in Hong Kong.
"Lotte has long considered acquiring Oriental Brewery," said a high-ranking
official at the South Korean conglomerate.
"If we didn't submit a bid, we could say so," the official said on condition of
anonymity. "But, we can't say that for now."
The sale of Oriental Brewery has reportedly been arranged by the Hong Kong office
of JPMorgan Chase & Co.
Since the second-half of last year, Lotte has raised about two trillion won
(US$1.4 billion) in cash, using affiliates such as Lotte Shopping Co., Honam
Petrochemical Corp., Lotte Chilsung Beverage Co. and Lotte Confectionery Co.
Lotte, the fifth-largest business conglomerate in South Korea, has business
interests ranging from the retail and hotel industries to construction.
(END)