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 SEOUL, South Korea (AP) - Shares in KT&G Corp. soared Friday after investors led by U.S. billionaire Carl Icahn made an unsolicited offer to acquire South Korea's former government tobacco monopoly.
KT&G shares jumped 11 percent to close at 57,000 won ($59) in Seoul.
Icahn and other investors in the company on Thursday proposed in a letter to chief executive Kwak Young-kyoon an offer of 60,000 won, or $62, a share for the company, which has businesses ranging from tobacco to products related to the ginseng root, popular in Asia for its perceived health benefits.
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