LG Household & Health Care Acquires US Subsidiary Shares Worth 202.5 Billion KRW
[Asia Economy Reporter Geum Bo-ryeong] LG Household & Health Care announced on the 29th that it will acquire 27,080 shares of its U.S. subsidiary (LG Household & Health Care America Inc.) for 204,516,383,730 KRW.
This corresponds to 5.6% of its equity capital. With this investment, LG Household & Health Care will secure 100% ownership of the subsidiary. The scheduled acquisition date is the 4th of next month.
The shares will be acquired through a combination of in-kind and cash contributions. Shares of New Avon, a U.S. affiliate valued at 143.6 billion KRW (70.9%), will be contributed in-kind to the subsidiary. The cash contribution amounts to 58.8 billion KRW (29.1%).
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LG Household & Health Care explained the purpose of the acquisition as "to change the equity structure and secure funds for investment in the North American market."
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