Petrochemical sector to be first deal between Samsung and

29-Apr-15

The Samsung Group’s petrochemical subsidiaries, Samsung General Chemicals and Samsung Total Petrochemicals, will be renamed and launched as Hanwha Group subsidiaries as early as next month. According to industry sources on April 27, Samsung General Chemicals and Samsung Total Petrochemicals will hold extraordinary shareholders meetings and board meetings on April 30. The agenda of the extraordinary shareholders meetings will be the change of company names and the approval of registered executives. The Samsung Group struck a big deal with Hanwha Group and sold four of its affiliate companies to Hanwha for 1.9 trillion won (US$1.77 billion) in November last year. The four companies are Samsung General Chemicals and Samsung Total Petrochemicals in its petrochemical sector, and Samsung Techwin and Samsung Thales in its defense sector. When Samsung General Chemicals and Samsung Total Petrochemicals are handed over to Hanwha Group, getting approval in the extraordinary shareholders meetings, the Big Deal between the two groups will be half completed five months. The disposal procedure of the two subsidiaries in the petrochemical sector has been going relatively well compared to the other two in the defense sector.