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KT Vulnerable to Foreign Hostile Takeover?
2005-10-22
During last week¡¯s parliamentary inspection, a lawmaker claimed Korea¡¯s foremost fixedline telecom operator KT is under the threat of a hostile takeover.
Rep. Suh Hye-suk from the ruling Uri Party made the point based on the logic that foreign shareholders retain more than 60 percent of voting rights for KT.
¡°Although foreigners hold less than 48 percent of KT stocks, they explain up to 63.21 percent of voting rights due to KT¡¯s treasury stocks that does not have voting rights,¡± Suh argued.
Subsequently, Suh insisted the nation is required to revamp the law or introduce such systems as golden share and poison bill to protect KT¡¯s management from potential foreign raiders.
However, the government and KT points out that the possibility of foreign players¡¯ maneuver like attempts to carry out hostile mergers and acquisitions (M&A) is practically negligible because of existing protective arrangements.
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