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What industry wants from Moon s conference
Posted : 2021-01-14 16:59
Updated : 2021-01-14 21:11
Four leading conglomerate heads greet each other during a New Year ceremony held at the Korea Federation of SMEs Grand Hall in Seoul, Jan. 2, 2019. From left Samsung Electronics Vice Chairman Lee Jae-yong, SK Group Chairman Chey Tae-won, Hyundai Motor Group Chairman Chung Euisun and LG Group Chairman Koo Kwang-mo. / Yonhap
By Kim Hyun-bin
President Moon Jae-in is scheduled to hold a New Year s press conference later this month, while businesses in the country are on the lookout for comments that could affect their respective sectors.
The progressive administration has pushed ahead with the passage of new bills and regulations in recent years aimed at bolstering the rights and welfare of workers, raising the minimum wage and shortening mandatory work hours.
Market climate
How would you describe the general market climate for distressed M&A transactions in your jurisdiction?
While certain business sectors in the country, primarily in the retail, construction and hospitality and leisure segments, have appeared to be highly vulnerable to the covid-19 pandemic, they were cash rich prior to the crisis and in the short term it is not expected that they would have liquidity issues. Given the second wave of the pandemic, and if no sufficient governmental support is provided, mid- to long-term, the insolvency threats might trigger single-asset sales and attract individual opportunistic buyers.
Large-scale divestments that might be lucrative for funds can be expected to be brought to the market later than in other parts of Central and Eastern Europe and South East Europe, as the local owners will try to maintain control by various forms of restructuring.
Business law revision hurts firms fighting hostile funds
Posted : 2020-12-22 13:52
By Nam Hyun-woo
A revision to the country s Commercial Act is raising fears that it may end up preventing local firms from defending their management rights against hostile investors, according to industry officials and experts.
They cited a U.S. private investment fund s recent opposition to LG Group s plan to spin off some units as a case that may have become worse since the revision, and many Korean firms having activist funds as shareholders will face similar opposition to their decision-making procedures.
On Dec. 9, the National Assembly passed a number of revisions to the act, aimed at requiring companies to appoint more than one audit committee member from outside the board of directors, decided upon by shareholders. In this process, the respective voting rights of a company s owner and their affiliated persons and organizations ― the largest shareholders ― will be limited to 3 perce
Naver, Kakao excluded from toughened watch list of financial conglomerates
Amid businesses’ concerns, regulators say progress for transparency will be made through revised laws |
(Yonhap)
Financial authorities on Wednesday ruled out Big Tech firms Naver and Kakao as subjects to one of the “three fair economy bills,” designed to rein in dominance of conglomerates and add transparency to corporate governance here.
“At the moment, Kakao and Naver do not meet the standards,” Financial Services Commission Vice Chairman Doh Kyu-sang said in a briefing of related ministries for the revised bills.
Companies with two or more financial units and total assets of over 5 trillion won ($4.58 billion) are targeted by the bills passed by the National Assembly last week. At the moment, six powerhouses Samsung, Hyundai Motor Group, Hanwha, Mirae Asset, Kyobo and DB are confirmed as subjects of the revised bills.