SEOUL, South Korea (AP) -- South Korea's LS Cable Ltd. said Friday it has secured 93.92 percent of the shares in U.S. wire and cable manufacturer Superior Essex Inc. for a total $834 million.
Seoul-based LS Cable and Superior Essex, headquartered in Atlanta, Georgia, announced in June that they agreed on a cash buyout of $45 per share by LS Cable to create the world's third-biggest wire and cable manufacturer.
Lee Young-hwan, of LS Cable's public relations department, said in an e-mail that the total value for the shares secured so far is $834 million.
Superior Essex Chief Executive Stephen Carter welcomed the acquisition.
"This transaction provides fair value to Superior Essex shareholders and is an excellent opportunity to significantly enhance our global expansion and product diversification strategy," Carter was quoted as saying in the LS Cable release.
South Korea's Yonhap news agency reported that the deal is the first cross-border takeover by a South Korean company this year.
