M&A - Yulchon

92006 Shinsegae’s Acquisition of Wal-Mart KoreaWe advised Shinsegae on its acquisition of Wal-Mart Korea from Wal-Mart of the U.S. Although this was a share deal involving more than adozen stores in Korea, it was extremely efficiently negotiated and executedwithout any disruption. The cash price was US$880 million.2005 Sale of Jinro Corp. to Hite ConsortiumBEST M&A DEAL - FINANCE ASIA ACHIEVEMENT AWARD 2005We represented Merrill Lynch, the financial advisor to Jinro Corp.,the largest Korean spirit distiller in Korea, in the sale of Jinro to theHite consortium for approximately US$3.4 billion. This was the largesttransaction in Korean history involving a company undergoing reorganizationproceedings and set new standards for subsequent internationalauction sales. It was the first transaction where a Korean courtallowed amendments to its standard auction procedures to solicit bidsfrom outside of Korea. It was a daunting task to coordinate more thanten bidders, the Korean court, creditors, such as Goldman Sachs andHK Hong Kong, and the management.2005 Purchase of Korea First Bank by Standard Chartered BankDEAL OF THE YEAR - ASIAN COUNSELAlong with Allen & Overy, we represented Standard Chartered Bankin its acquisition of Korea First Bank for approximately US$3.4 billion.This was the largest cross-border bank acquisition in Korean history.We:■ conducted due diligence on Korea First Bank;■ advised on the transaction documents;■ assisted Standard Chartered Bank in obtaining necessary regulatoryapprovals from Korean financial regulators; and■ advised Korea First Bank in its de-listing from the Korean Stock Exchange.2005 POSCO’s Acquisition of Korea Independent Energy CorporationWe advised POSCO on several transactions leading to its acquisition ofKIECO and the subsequent merger of POSCO POWER (valued at morethan US$400 million). The acquisition of the remaining 50% stake inKIECO from Macquarie was complicated as it involved an acquisitionvehicle with several financial investors in Korea. We evaluated severaloptions in light of potential liabilities and tax consequences. In the end,POSCO decided to acquire 100% of the acquisition vehicle, which wassubsequently merged into the subsidiary.Other Representative DealsFinancial Services■ Hyundai Heavy Industries’ acquisition of CJ Investment and Securities■ Hyundai Motor Company’s acquisition of Shinheung Securities■ Transfer of assets and liabilities of Hanmaum Mutual Savings Bankto Busan Solomon Mutual Savings Bank■ KDIC’s sale of Ileun Securities to Regent■ KDIC’s sale of Kukje / Daehan Insurance■ Woori Bank’s merger with Woori Credit Card and Woori MerchantBank■ Lotte Credit Card’s spin-off from Lotte Shopping■ Hyundai Department Store’s spin-off of its card business unit■ Kookmin Bank’s merger with Housing & Commercial Bank■ Lehman Brothers’ acquisition of a minority equity interest in WooriBank■ Carlyle Group’s takeover attempt of Korea Investment & Securitiesand Daehan Investment Trust Securities■ Citibank Overseas Investment Corporation’s tender offer forcommon shares of KorAm Bank Co., Ltd.Non-Financial Services■ Lotte Shopping’s KRW 1.34 trillion acquisition of GS Retail’sdiscount store (GS Mart) business and department store (GSSquare) business■ Samsung Electronics’ merger with Samsung Digital Imaging■ Shinsegae I&C on the transfer of its internet shopping mall toShinsegae■ Samsung Electronics’ transfer of its image security business toSamsung Techwin■ Honam Petrochemical’s Acquisition of Titan Chemicals Corp. Bhd.■ Samsung SDS on the acquisition of Tmax Core. Co., Ltd.■ Acquisition of EB Card Co., Ltd. by Lotte Card and Lotte DataCommunication Company■ Hyundai Mobis’s acquisition of Hyundai Steel’s stake in HyundaiMotor Company■ GS Group’s Acquisition of Ssangyong Corporation■ Eugene Group’s acquisition of Hi-mart■ Lotte Shopping Co.’s acquisition of Makro (Indonesia)■ Shinsegae’s sale of Shinsegae Dream Express