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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World S.Korea seeks poison pill against hostile M&A Reuters - Monday, November 9 Send IM Story Print * Holds public hearing on law revision * Imbalance seen between takeover, defence means - ministry * May hurt share value by reducing M&A premium * Limited impact on Seoul shares; market up 0.6 pct By Kim Yeon-hee SEOUL, Nov 9 - South Korea is seeking to introduce a poison pill scheme to protect companies from being taken over after foreign funds increased their holdings in domestic stocks. Two of the country's best-known companies -- Samsung Electronics <005930.KS> and POSCO <005490.KS>, the world's No.4 steelmaker -- are, respectively, 47 and 49 percent owned by foreign investors. Analysts say a move to head off hostile takeovers could hurt minority shareholders by stripping out M&A premiums from stock values. Business groups, though, have called for a clause in their company statutes to allow an acquisition target to issue new shares to designated shareholders at a pre-set low price, so diluting the ownership value of a hostile bidder. Domestic M&A laws have been loosened since the 1997-98 Asian financial crisis, and in 2006 activist investor Carl Icahn and hedge fund Steel Partners floated the idea of buying tobacco monopoly KT&G <033780.KS> in what would have been South Korea's first unsolicited foreign takeover bid, but no official tender offer was filed. In 2003, SK Group, parent of top mobile carrier SK Telecom <017670.KS> and refiner SK Energy <096770.KS>, clashed with Sovereign Asset Management, which unsuccessfully sought to remove its chairman. Those cases raised a red flag to unfriendly takeover attempts and led listed companies, including Samsung and POSCO, to spend $55 billion defending their management as of end-January. "Our country has made hostile M&A attacks easy by removing a ceiling on foreign stock investments, but it has not had any means to prevent hostile M&A," the justice ministry said in a statement on Monday. The ministry said it was holding a public hearing on Monday to discuss the poison pill, though it added this should not be handed to a third party -- to prevent it being used for other purposes. CONCERNS Some analysts worry that any move towards an anti-takeover bill will cut M&A premiums on stocks, though the broad Seoul share market <.KS11> showed little reaction on Monday, rising 0.6 percent by 0435 GMT. The potential bill also reflects the government's efforts to boost corporate investment and create jobs to sustain an economic recovery sparked by fiscal spending. "Buying shares in their companies and cross-unit investments are high-cost, low-efficiency means to protect themselves, and end up wasting company money that should otherwise be used for productive investment," the ministry said. The United States and Japan have adopted anti-takeover measures but, in Japan, a recent proliferation of poison pill anti-takeover defence schemes and a decades-old tradition of cross-shareholdings were common practices hurting minority shareholders, critics said. Lee Sun-yeb, a Shinhan Investment Corp analyst, doubted how effective legislation could be. "From local companies' perspective, it will be a matter of financial capability," he said. "In that respect, the law's role will be limited." (Additional reporting by Shin Jieun; Editing by Jonathan Hopfner and Ian Geoghegan) Recommend Send IM Story Print Related Articles European stock index futures point to higher open Reuters - 1 hour 12 minutes ago Vietnam Money-Dong rates up as stimulus package extended Reuters - 1 hour 18 minutes ago Philippines eyes record 600,000 T rice tender Reuters - 1 hour 20 minutes ago Asia stocks rise, bonds fall as risk sought Reuters - 1 hour 20 minutes ago SocGen names Abramo as Mideast pvt banking CEO Reuters - 1 hour 27 minutes ago News Search Top Stories Japan eyes solar station in space Advertisers face resistance to on-line tracking IMF says stimulus needed to aid 'nascent' recovery Obama to push lawmakers on health care vote Opel chief quits after GM decides to keep European unit More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Japan eyes solar station in space Gold price hits record after 'Sri Lanka purchase' Obesity causes 100,000 US cancers every year: study US grieves after Muslim doctor kills 13 on army base Opel chief quits after GM decides to keep European unit More Most Viewed » Somali centenarian weds 17-year-old Mobile phone giant Nokia sues Apple over patents Fibre may keep asthma, diabetes at bay, study finds More Most Recommended » Elsewhere on Yahoo! 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