Shareholders have approved Lotte Groups plan to set up a holding company by splitting and then merging its four affiliated units, in a move the South Korean conglomerate says is aimed at simplifying its complex ownership structure.
Investors in the retail groups four units Lotte Shopping, Lotte Confectionery, Lotte Chilsung Beverage and Lotte Food approved the proposal at an extraordinary meeting on Tuesday.
However, minority shareholders protested against the plan, saying they feared the units would be integrated in a way that amassed control in the hands of group chairman Shin Dong-bin and threatened legal action against the move.
The sole purpose of this push is to cement Mr Shins control over the group. We, minority sharehol…
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