Wall Street Journal (South Korea)

         Today's Headline

 

 

LOTTE Hotels & Resorts is now owned

by Ritz-Carlton Hotel Company
 

 

A month ago it has beed reported that LOTTE Hotels & Resorts

(South Korea) filed for bankruptcy, which shocked the whole

nation. Economists admitted that this would greatly affect South

Korea's  economy.

 

Following the said report, Ritz-Carlton Hotel Company L.L.C the

leading Hotel Chain with properties in 23 countries has

officially announced in a press conference this morning,that

LOTTE Hotels will now be under their control.

 

Mr. Jung, Ritz-Carlton PR representative in Korea said that the

transaction was closed by  an agreement that LOTTE Hotel would

retain its name and only the management would be change.

The $200 million transaction was said to bring more investments

in the country.



Another speculation arose that the one who will foresee the LOTTE

Hotels operation would be the only grandchild of the CEO.

Mr. Jung obviously is trying to dismiss the topic.

Thus, intensifies the curiousity of the public.

Since it was just reported a year ago that the CEO's long lost

grandchild have been found.

 

Now, everyone is looking forward in meeting the person who will

oversee the operation. Hoteliers and businessmen are keeping an

eye if the said grandchild is capable enough to spearhead the

company.

 

 

 

 

 

 

 

 

 

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it took me 3 hours just to make this headline. >.<

Even though i'm a business major student ,I still don't know the

in-depths of take-overs and company acquisitions..

 

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