Lotte wins antitrust approval to divest Lotte Rental stake to TPG

Lotte Group won approval from the Korea Fair Trade Commission on Tuesday to sell its stake in Lotte Rental, held by Hotel Lotte and Busan Lotte Hotel, with the deal expected to close in October. Lotte agreed last month to sell a 61.2 percent controlling stake, held by Hotel Lotte and Busan Lotte Hotel, for 1.31 trillion won ($953 million), or 59,000 won per share. The group said it would use the proceeds to strengthen the hotel units' finances and fund renovations and premium brand growth. The s