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KT Vulnerable to Foreign Hostile Takeover?
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.