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Last Updated: Thursday, 9 March 2006, 12:41 GMT
Icahn ready to up tobacco bid
KTandG logo
KT&G wants to ward off the hostile bid
A US investor group led by billionaire Carl Icahn has said it could up its $10bn (5.7bn) bid for South Korea's biggest tobacco maker, KT&G.

In a letter to KT&G, the investors stated they would be prepared to beat their previous informal bid.

The initial offer valued shares at $61 each, while the letter says this could rise to $71 or above.

KT&G opposes the hostile bid, but if successful, it would be South Korea's first foreign-led bid of its kind.

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