South Korea's Lotte Group has submitted a proposal to acquire a controlling stake in Italy's World Duty Free SpA (WDF.MI) in a deal estimated at 3 trillion to 4 trillion won ($2.71 billion to$3.61 billion), Korean media reported on Tuesday.
Group company Lotte Shopping Co Ltd (023530.KS), which operates Lotte Duty Free - the world's fourth-largest duty free retailer - submitted the proposal to World Duty Free's board of directors over the weekend, Money Today reported citing an unidentified high-ranking Lotte official.
A spokesman for Lotte said the group "has been interested" in World Duty Free, declining to elaborate. World Duty Free could not be reached for comment.
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