Hotel Lotte scales back Korea’s largest IPO amid bribery probe

Visual from Lotte Hotel website

Lotte Group’s hotel unit delayed what could be South Korea’s largest initial public offering and cut the price after prosecutors in Seoul began an investigation into bribery allegations against executives of the family-run company.

Hotel Lotte Co. reduced the maximum size of the sale to 5.26 trillion won ($4.5 billion) from an earlier target of 5.74 trillion won, the company said in a filing in Seoul on Tuesday. The company, which had planned for the IPO to be completed this month, pushed those plans until July.

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