John Carlos Baez on Nostr: - This paragraph is largely confirmed here: The Investor (Korea Herald): Korea Times: ...

- This paragraph is largely confirmed here:

The Investor (Korea Herald): https://www.theinvestor.co.kr/article/10742160

Korea Times: https://www.koreatimes.co.kr/amp/business/companies/20260528/starbucks-fiasco-puts-shinsegae-under-financial-strain

Seoul Economic Daily (English): https://en.sedaily.com/finance/2026/05/19/starbucks-korea-tank-day-backlash-may-threaten-e-mart-stake

The Investor clarifies things a bit:

"The fallout from Starbucks Korea’s controversial “Tank Day” marketing campaign is drawing renewed attention to a high-stakes ownership agreement that could become a major financial risk for Emart and its parent, Shinsegae Group.

In July 2021, Emart acquired an additional 700,000 shares in unlisted Starbucks Korea from Starbucks Coffee International, the overseas business and licensing arm of Starbucks, for 474.3 billion won ($314 million). This raised its stake to 67.5 percent to secure management control. The remaining 32.5 percent stake was acquired by Apfin Investment, an investment vehicle operated by the Government of Singapore Investment Corporation.

But the licensing agreement signed between Emart and Starbucks includes two call option clauses that allow Starbucks Coffee International to buy back all shares in Starbucks Korea under certain conditions.

Under the first clause, SCI can repurchase the shares at a mutually agreed fair valuation. The second clause is more sensitive for Emart: If the licensing agreement is terminated due to Emart’s liability, SCI can buy back Emart’s 67.5 percent stake at a 35 percent discount to the valuation determined under the same pricing method."