SEOUL (Reuters) - South Korea's Lotte Group, whose hotel unit faces a July deadline to complete an initial offering worth up to $4.5 billion, said on Sunday that it is "difficult" for it to modify a listing document.
The statement comes two days after prosecutors raided the offices of Hotel Lotte and others in the conglomerate. Three people with direct knowledge of the matter said the raids were part of an investigation into a possible slush fund, dealing a new blow to the hotel unit's planned initial public offering, which could be the world's biggest this year.
Earlier last week, Hotel Lotte cut the size of the deal and pushed back the listing to July, in a revision to its listing document, after prosecutors launched a bribery investigation into a director.
"Carrying out procedures such as a modified filing to protect investors are currently physically difficult," Lotte Group said in a statement on Sunday.