DSME lessens take-over worries for KLC

Daewoo Shipbuilding & Marine Engineering Co., Ltd. (DSME) purchased treasury stock in KLC (Korea Line Corporation) to stave off M&A worries.
DSME bought 755,870 treasury stocks (7.55%) of KLC October 18.
KLC announced on October 20 officially that it sold 755,870 stocks out of its treasury stock, 973,243 (9.7%), to a friendly company.
DSME purchased the stock as KLC requested the company buy its treasury stock to secure voting rights. DSME has maintained good relations with KLC since KLC first ordered an LNG in 1995.
To this, the voting right stock of KLC passed 2.07%, helping to lessen worries of hostile companies looking to take it over.