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South Korea's LG faces challenge from US hedge fund

Whitebox urges shareholders to oppose Koo family's plan to spin off affiliates

SEOUL -- LG, South Korea's fourth-largest conglomerate, is headed for a showdown with a U.S. hedge fund at its annual general meeting on Friday, in the latest challenge to the country's powerful family-run business groups by an activist investor.

Whitebox Advisors is urging shareholders to vote against a plan by LG's founding Koo family to spin off five affiliates through a new holding company that would likely be controlled by the chairman's uncle.

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