 KT&G wants to ward off the hostile bid |
A US investor group led by billionaire Carl Icahn has said it could up its $10bn (�5.7bn) bid for South Korea's biggest tobacco maker, KT&G. In a letter to KT&G, the investors stated they would be prepared to beat their previous informal bid.
The initial offer valued shares at $61 each, while the letter says this could rise to $71 or above.
KT&G opposes the hostile bid, but if successful, it would be South Korea's first foreign-led bid of its kind.
One-Minute World News 
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