Daum Surges by Limit After Agreeing to Be Bought by Kakao

Daum Communications Corp. surged by the daily limit in Seoul trading after it agreed to be bought by Kakao Corp., South Korea’s largest mobile messaging service.

Daum shares advanced 15 percent, its biggest gain on record, to close at 89,800 won to give the Web portal operator a market value of about $1.2 billion. South Korea’s Kosdaq index lost 0.2 percent.