ID :
20932
Wed, 09/24/2008 - 09:39
Auther :
Shortlink :
http://m.oananews.org//node/20932
The shortlink copeid
CJ Jeiljedang may scrap plan to buy smaller rival Kirin
SEOUL, Sept. 24 (Yonhap) -- CJ CheilJedang Corp., South Korea's largest processed food maker, hinted Wednesday that it may scrap its plan to buy smaller rival Kirin Co. after failing to agree on a price.
CJ had been in talks since July to buy a stake in Kirin of about 28 percent for
as much as 37 billion won (US$32.1 million), but the negotiations have been
suspended since mid-August, according to a senior official at CJ.
"We considered acquiring Kirin, but our stance turned negative due to little
synergy, compared with the purchase price," the CJ official said.
Kirin said talks with CJ were "still underway," but added it has been in separate
talks with other companies.
(END)
CJ had been in talks since July to buy a stake in Kirin of about 28 percent for
as much as 37 billion won (US$32.1 million), but the negotiations have been
suspended since mid-August, according to a senior official at CJ.
"We considered acquiring Kirin, but our stance turned negative due to little
synergy, compared with the purchase price," the CJ official said.
Kirin said talks with CJ were "still underway," but added it has been in separate
talks with other companies.
(END)
