International Business

Goldstar Buys Majority Stake in Zenith: The South Korean company that makes Goldstar televisions and other home electronics bought a majority stake in Zenith Electronics Corp. Seoul-based LG Electronics Inc. owns 57.7% of Zenith’s outstanding stock after buying about 35 million shares of Zenith stock for $10 per share. LG bought about $165 million worth of the stock directly from Zenith and the rest from shareholders. Zenith stock closed at $8 a share, down 75 cents, on New York Stock Exchange trading. Stockholders of Glenview, Ill.-based Zenith approved the sale at a meeting on Tuesday. LG Chairman and Chief Executive H.J. Lee was named Zenith’s chairman, replacing Jerry K. Pearlman. LG Electronics elected six members to Zenith’s 10-member board.