MOSCOW (MRC) -- South Korea's Samsung Group said it is selling stakes in four chemical and defence firms for 1.9 trillion won (USD1.72 billion) to Hanwha Group, the latest move in the massive task of restructuring the country's largest conglomerate, as per Reuters.
Samsung Group said in a statement Samsung Electronics Co Ltd , Samsung C&T Corp and other Samsung affiliates decided to sell a 32.4 percent stake in Samsung Techwin to Hanwha Corp for 840 billion won, and a 57.6 percent stake in Samsung General Chemicals Co Ltd to Hanwha Chemical Corp and Hanwha Energy Corp for 1.06 trillion won.
The control of Samsung Thales Co Ltd, a joint venture unit with French defence electronics firm Thales, and Samsung Total Petrochemicals Co Ltd, a joint venture unit with France's Total SA, is also being transferred to Hanwha units, Samsung Group said.
The sale is expected to be completed in the first half of next year.
As MRC informed before, in July 2014, Hanwha Chemical created a task force to manage the process of bidding for Dow Chemical's chlorine business. Hanwha retained Credit Suisse earlier this year to advise on the possible purchase, which involves about 40 production facilities at 11 sites, including Dow's chlor-alkali and chlor-vinyl units in Plaquemine, La., and Freeport, Texas, as well as DowпїЅs interest in the Dow Mitsui chlor-alkali joint venture in Freeport.
Hanwha Group, South Korea's 10th-largest conglomerate, said separately the acquisitions would boost its petrochemicals and defence-related businesses, and add around 12 trillion won in sales based on 2013 figures.