Lotte founder’s son to sell shares in units

Shin Dong-joo, the elder son of Lotte Group’s founder, has decided to sell most of his stakes in Lotte Shopping and three other units of the conglomerate. Shin raised concerns about the merger of Lotte Shopping with three other affiliates. Lotte Group affiliates shareholders approved a plan to set up a holding company by restructuring the conglomerate’s four listed units to boost transparency, a move that could enhance its chairman’s control amid a power struggle with his brother.