Lotte buys Doosan`s liquor unit for 503 bln won

SEOUL, Jan. 6 (Yonhap) -- Lotte Chilsung Beverage Co., a unit of Lotte Group,
said Tuesday it has signed a formal deal to buy a liquor unit of Doosan Corp. for
503 billion won (US$383 million).
The deal is expected to help Lotte better compete with Hite Holdings Co., which
owns the nation's largest beer maker, Hite Brewery Co., and also the biggest soju
maker, Jinro Ltd.
Payment will be completed in February after a three-week due diligence, Lotte
said in a statement.
Jinro controls about half of the local market for soju, while Doosan holds a 15
percent share.
Soju, a liquor made from rice and other starches with an alcohol content of 20
percent, is popular among South Korean adults.
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