BlackRock ups stake in LG Electronics
[THE INVESTOR] BlackRock, the world’s largest asset manager, has raised its stake in LG Electronics to 5.04 percent, according to its regulatory filing on May 10.
The firm had owned 4.97 percent or 8.14 million shares in the Korean tech giant. It said it acquired an additional 0.07 percent or 102,838 shares on May 7.
BlackRock’s total asset value in LG is estimated to reach 805.4 billion won (US$755 million) based on the stock’s closing price at 97,700 won on May 11.
In Korea, a stake purchase of more than 5 percent in a listed firm should be disclosed to the public within five days of the ownership.
BlackRock, handling more US$6 trillion globally, reportedly owns about 1.5 percent stake in Samsung Electronics.
Its latest stake purchase in LG comes after the Korean firm recently acquired Austrian automotive light maker ZKW Group for 1.4 trillion won -- its largest-ever purchase.
ZKW, one of the top five players in the field, supplies high-end LED lamps to luxury carmakers like BMW, Audi and Mercedes-Benz. Expectations are high especially for the future as the lights are closely linked to sensor technologies for autonomous driving.
Buoyed by upbeat sales of high-end TV and appliances, LG posted an operating profit of 1.1 trillion won in the first quarter this year -- its best performance in nine years.
By Lee Ji-yoon (firstname.lastname@example.org)