S. Korea moves to protect local firms

S. Korea moves to protect local firms

SEOUL: South Korea has introduced new rules to help domestic
firms protect themselves from hostile takeover bids by foreign
investors, officials said on Monday.

The new rules will take effect in March, the Ministry of
Finance and Economy said.

South Korean firms have been calling for measures to allow
them to fend off hostile takeover bids.

Investors who hold a stake of five percent or more in any one
firm will be banned from exercising voting rights or buying
additional shares for five days if they make public their
intention to secure a say in management in the company, the
ministry said. -- AFP