Lotte Chemical completed the acquisition of a 53.3% stake in Iljin Materials for $1.9bn.

Lotte Chemical, a chemical company headquartered in Seoul, completed the acquisition of a 53.3% stake in Iljin Materials, South Korea's second-largest copper foil manufacturer, for $1.9bn. Huh Jae-myung, chairman of the board of the company, is the seller of the shares, unloading his entire 53.3% stake. His shareholding was put up for sale in May, with Lotte Chemical emerging as the sole bidder as other companies and private equity firms dropped out.