South Korean conglomerate Lotte to buy Samsung’s chemical business for $2.63b

A man walks at the Samsung Electronics' headquarters in Seoul January 7, 2015. REUTERS/Kim Hong-Ji

South Korean conglomerate Lotte Group will acquire Samsung Group’s chemical businesses for more than 3 trillion won ($2.63 billion), Korea Economic Daily reported on Thursday citing unnamed sources.

The newspaper said Lotte Group affiliate Lotte Chemical Corp will acquire various assets, including a 31 percent stake in Samsung Fine Chemicals and 90 percent of Samsung SDI Co Ltd’s chemicals business.

Samsung SDI said it is in talks with Lotte Chemical for a potential sale of its chemical business without disclosing further details. Lotte Group, South Korea’s fifth-largest conglomerate, declined to comment while Lotte Chemical and Samsung Group did not immediately comment.

Samsung Fine Chemicals could not be reached for comment.

Samsung Group has been exiting non-core businesses since last year when the company said it would sell stakes in four affiliates in the defense and chemical sectors to Hanwha Group, another local conglomerate.

Other affiliates such as Samsung Electronics Co Ltd and Samsung Electro-Mechanics Co Ltd are getting out of businesses with dim growth outlook, as well.

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($1 = 1,141.9900 won) (Editing by Simon Cameron-Moore)

Reuters

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In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.