Tuesday, February 21, 2006


Mingi has a good piece over at OhmyNews:

For anyone familiar with Oliver Stone's classic film "Wall Street" (1987), Gordon Gekko is a character as memorable (and ruthless) as Alec Baldwin was in "Glengarry Glen Ross" (1992). Gekko is known to have been modeled after a real life character, Carl Icahn, who has recently made headlines over his efforts to break up Time Warner. According to South Korean media reports, Icahn also has his eyes set on KT&G, the South Korean cigarette-maker which maintains a dominating domestic market share of 75 percent.

Icahn, along with Steel Partners' Warren Lichtenstein and others, reportedly own 6.6 percent of KT&G, and there is growing fear among South Koreans that Icahn will seek management control or even a hostile takeover of the company, which is known to be financially stable with growing share prices. Icahn has already demanded that he and Lichtenstein appoint three board members to the 12-member board at KT&G, in addition to demands that KT&G drop its ginseng and other non-core units.
(full article)

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