Clifford Chance has recently advised Hanaro Telecom (which has shares listed
on the Kosdaq and ADRs listed on Nasdaq) in connection with the private
equity investment by Investors Consortium led by Newbridge and AIG.
This was the first major foreign direct investment in Korea’s telecom sector,
which touched the issue of restriction on foreign equity ownership (49%
limit) ; the first acquisition case in Korea where minority shareholders
sided with foreign investors and determined the outcome; and the first
acquisition case in Korea where foreign investors had a proxy contest
against a Chaebol (LG Group).