Spain’s Industrial Output Records Steady Growth in October Amid Revised September Figures 
Firelight Launches as First XRP Staking Platform on Flare, Introduces DeFi Cover Feature 
Asia’s IPO Market Set for Strong Growth as China and India Drive Investor Diversification 
Amazon Italy Pays €180M in Compensation as Delivery Staff Probe Ends 
Australia Moves Forward With Teen Social Media Ban as Platforms Begin Lockouts 
Proxy Advisors Urge Vote Against ANZ’s Executive Pay Report Amid Scandal Fallout 
Rio Tinto Raises 2025 Copper Output Outlook as Oyu Tolgoi Expansion Accelerates 
Asian Markets Stabilize as Wall Street Rebounds and Rate Concerns Ease 
China’s Services Sector Posts Slowest Growth in Five Months as Demand Softens 
Tesla Expands Affordable Model 3 Lineup in Europe to Boost EV Demand 
UPS MD-11 Crash Prompts Families to Prepare Wrongful Death Lawsuit 
Trump Administration to Secure Equity Stake in Pat Gelsinger’s XLight Startup 
U.S. Futures Steady as Rate-Cut Bets Rise on Soft Labor Data 
Dollar Weakens Ahead of Expected Federal Reserve Rate Cut 
Europe Confronts Rising Competitive Pressure as China Accelerates Export-Led Growth 
Asian Currencies Edge Higher as Markets Look to Fed Rate Cut; Rupee Steadies Near Record Lows 
Iljin Materials Co. was acquired by the Lotte Group last year, and the deal has been finalized after the anti-trust regulator in the country approved the acquisition last month. The negotiation is now expected to close before the second quarter of 2023.
With the issued approval, Lotte Chemical Corp. will now legally own the South Korean battery material supplier and the second-largest copper foil maker in the country. And because of the change in ownership, the chemical arm of the Lotte Group announced it would be renamed Iljin Materials.
Iljin Materials and Lotte Chemical signed a deal last year, and as the negotiation is completed, the company has been renamed Lotte Energy Materials, as per The Korea Herald.
Iljin Materials also confirmed on Monday, Feb. 27, that it actually made the proposal to change its name and articles of incorporation, and this will be tackled at the upcoming extraordinary shareholders meeting that will be held on Mar. 14.
At this meeting, the copper foil producer is also planning to appoint some executives from Lotte Chemical to become new directors. Meanwhile, it was in October of last year when Lotte agreed to acquire Iljin Materials for KRW2.7 trillion or about $1.9 billion. The purchase is said to be a strategy for Lotte to improve its electric vehicle parts portfolio.
The deal will give the chemical arm of the Lotte Group the rights to exercise stock warrants to acquire an additional five million shares. Based on the filing with the country’s Financial Supervisory Service, this deal is closing this month.
Prior to this, it was revealed that the original buyer of Iljin Materials was LBM Holdings LLC. The companies have yet to release more details about the acquisition deal.
