Korean Lotte Group to buy Guylian

The Asian conglomerate plans to market Guylian chocolates in China, Japan and other Asian markets through its distribution network in the region.

Lotte Group, the South Korean major,
has announced that it will acquire Chocolaterie Guylian, manufacturer
of premium boxed chocolates. Guylian is the second-largest premium
chocolate maker in Belgium, after Godiva.

The move will give the Lotte Group a
foothold in the European market, and possibly help it to cut costs
through joint procurement. Under the deal, Lotte Confectionery and
Lotte Co. will jointly buy all outstanding Guylian shares from the
firm's founding family, possibly by the end of the year.
Guylian's
current management team will stay on, but its board will receive some
directors from Lotte Group.

The group aims to boost Guylian's
annual sales from 13bn yen at present to 20bn yen in three or four
years.