Lotte founder's eldest son to sell most of stakes in 4 units

Lotte founder's eldest son to sell most of stakes in 4 units
Former vice chairman of Tokyo-based Lotte Holdings Shin Dong-joo arrives for a trial at a court in Seoul, South Korea, March 20, 2017.
PHOTO: Reuters

SEOUL - Shin Dong-joo, the elder son of Lotte Group's founder, has decided to sell most of his stakes in Lotte Shopping and three other units of South Korea's No.5 conglomerate, his company said without providing the value of the sale.

Shin is opposed to the merger of Lotte Shopping with the three other affiliates - Lotte Confectionery, Lotte Chilsung Beverage and Lotte Food, the company said in a statement.

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