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South Korea Foreign Investments

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BUSINESS
October 27, 1997 | Associated Press
In the first major takeover of a South Korean company by a foreign investor, Proctor & Gamble Co. will buy a controlling share of Ssangyong Paper Co. Under the agreement announced over the weekend, Ssangyong Group, the South Korean conglomerate that owns the paper-making company, will sell 24.99% of the company for $69 million to the Cincinnati-based consumer-goods maker, Ssangyong officials said. P & G will increase its stake to 51% for management rights.
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BUSINESS
July 11, 1998 | Bloomberg News
Wal-Mart Stores Inc. acquired a majority interest in four South Korean stores, along with six undeveloped sites, continuing its international expansion. The world's largest retailer didn't disclose terms of the purchase from South Korean businessman H.S. Chang. The three stores near Seoul and one in Taejon had combined sales of more than $160 million last year and employ more than 800 people. Wal-Mart plans to begin building on some of the sites this year.
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BUSINESS
July 11, 1998 | Bloomberg News
Wal-Mart Stores Inc. acquired a majority interest in four South Korean stores, along with six undeveloped sites, continuing its international expansion. The world's largest retailer didn't disclose terms of the purchase from South Korean businessman H.S. Chang. The three stores near Seoul and one in Taejon had combined sales of more than $160 million last year and employ more than 800 people. Wal-Mart plans to begin building on some of the sites this year.
BUSINESS
January 25, 1998 | EVELYN IRITANI, TIMES STAFF WRITER
The troubles facing South Korea's giant conglomerates are proving to be good news for U.S. and other foreign firms. Suddenly they see opportunities to buy modern, Korean-built production facilities around the world, or to find a backdoor into a market that seems destined to eventually regain its robust growth. "For Sale" signs have gone up at steel plants, beverage-manufacturing facilities and giant office towers around the world.
BUSINESS
August 7, 1995 | Times Staff and Wire Reports
Government to Regulate Overseas Investment: The move is part of an effort to keep the nation's foreign debts at an appropriate level, a top official said. Vice Finance and Economy Minister Lee Suk Chae told reporters that major overseas investment projects will be approved by the government only if a certain portion of the costs are provided by the local companies. Lee said the minimum amount local companies would have to put up would be about 20% of their total investment costs.
BUSINESS
May 12, 1994 | From Times Staff and Wire Reports
AirTouch, Southwestern Bell Join Cellular Venture: The companies said they are the main foreign investors in a consortium that will build the second cellular telephone system in South Korea. San Francisco-based AirTouch Communications said it was selected as the operating partner in charge of the consortium, to be called Shinsegi Mobile Communications Co. AirTouch, formerly PacTel Corp., will have a 10% stake in the venture, followed by San Antonio-based Southwestern Bell Corp., with 7%.
BUSINESS
January 28, 1991 | From Times Wire Services
Soaring labor costs are scaring foreign businessmen away from South Korea, and Finance Ministry officials say a further decline is possible this year. The ministry said foreign investments plunged 26.3% to $803 million last year from $1.09 billion in 1989. "Foreign investors have changed their targets to more profitable places like the European Community, and Eastern European and Southeast Asian countries, to avoid rising labor costs here," said an official who asked not to be named.
NEWS
December 28, 1997 | JAMES FLANIGAN, SENIOR ECONOMICS EDITOR
The economies of South Korea and Japan entered another stage in their transition to open markets last week, promising reforms that will have profound effects on the world economy in the next two to three years. As a result of changes now underway, both countries will open their economies to foreign investment, trade and commerce far more than they have to date. They will reshape their companies and industries, providing opportunities for U.S. and European companies and investors.
BUSINESS
December 27, 1997 | From Times Wire Services
In a market swept by International Monetary Fund bailout euphoria, South Korea's markets soared on investors' hopes that the nation's economic rehabilitation will be swift and that foreign banks would buy out its financial institutions. But banking analysts said a takeover of South Korean financial institutions by foreigners was pie in the sky and the nation was headed for more turbulence, with no clear picture on short-term foreign debt and a string of corporate defaults in the offing.
BUSINESS
December 16, 1997 | SONNI EFRON and DAVID HOLLEY, TIMES STAFF WRITERS
Emboldened by signs that its currency may have hit bottom, South Korea scrapped controls on it starting today, allowing the much-weakened won to trade freely. The unexpected action and other market-liberalization moves, including an invitation to foreign investors to buy control of one of the nation's major banks, cheered investors and sent both the won and the stock market soaring in early trading today.
BUSINESS
October 27, 1997 | Associated Press
In the first major takeover of a South Korean company by a foreign investor, Proctor & Gamble Co. will buy a controlling share of Ssangyong Paper Co. Under the agreement announced over the weekend, Ssangyong Group, the South Korean conglomerate that owns the paper-making company, will sell 24.99% of the company for $69 million to the Cincinnati-based consumer-goods maker, Ssangyong officials said. P & G will increase its stake to 51% for management rights.
NEWS
February 14, 1997 | TERESA WATANABE, TIMES STAFF WRITER
It looked like fat city to James Tessada, president of Ford Motor Co. of Korea. After U.S. and South Korean officials signed a memorandum of understanding to liberalize the auto market in 1995, South Koreans began snapping up foreign cars in a burst of spending that underscored the dazzling potential of Asia's second-most-important consumer market. Until last November.
BUSINESS
August 7, 1995 | Times Staff and Wire Reports
Government to Regulate Overseas Investment: The move is part of an effort to keep the nation's foreign debts at an appropriate level, a top official said. Vice Finance and Economy Minister Lee Suk Chae told reporters that major overseas investment projects will be approved by the government only if a certain portion of the costs are provided by the local companies. Lee said the minimum amount local companies would have to put up would be about 20% of their total investment costs.
BUSINESS
May 12, 1994 | From Times Staff and Wire Reports
AirTouch, Southwestern Bell Join Cellular Venture: The companies said they are the main foreign investors in a consortium that will build the second cellular telephone system in South Korea. San Francisco-based AirTouch Communications said it was selected as the operating partner in charge of the consortium, to be called Shinsegi Mobile Communications Co. AirTouch, formerly PacTel Corp., will have a 10% stake in the venture, followed by San Antonio-based Southwestern Bell Corp., with 7%.
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