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[Alpha Biz=(Chicago) Reporter Kim Jisun] Taekwang Industrial applied for an injunction with the court against Lotte Home Shopping's decision to buy its headquarters in Yangpyeong-dong, Seoul, but as it was rejected, it has been found that Lotte Home Shopping has completed the process of registering the building.
According to the Newsis report on the 25th, Lotte Home Shopping recently paid the balance to Lotte Holdings and Lotte Well Food (formerly Lotte Confectionery and Lotte Food) in connection with the purchase of an office building located in Yangpyeong-dong, Yeongdeungpo-gu, Seoul, and completed the building registration process.
In the meantime, Lotte Holdings and Lotte Well Food owned 64.6% and 35.4% of the Yangpyeong-dong office building, respectively. The Yangpyeong office building used to be a Lotte Confectionery building, which was owned by the holding company and Wellfood until recently when Lotte was launched.
Lotte Home Shopping, along with Lotte Well Food, has been using on-site broadcasting studios and offices under a roof of its office building in Yangpyeong-dong.
Taekwang Group is the second largest shareholder of Lotte Home Shopping following Lotte Group Lotte Shopping (53.49％) and owns about 45％.
Meanwhile, this is not the first clash between Lotte Home Shopping and Taekwang Industrial.
Lotte and Taekwang Industries experienced legal friction in 2006 when they took over the management rights of Kyungbang 'Woori Home Shopping', which was put up for sale.
Since 2005, Taekwang Industrial has attempted hostile mergers and acquisitions as it gradually increased its stake, but suddenly Kyungbang handed over its stake to Lotte, which brought Woori Home Shopping into Lotte's arms.
Since then, Taekwang Industrial has filed a lawsuit by the Korea Broadcasting Commission to cancel Lotte's approval to acquire Woori Home Shopping, but failed.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
