Conglomeration
Cheil Industries and Samsung C&T will complete a merger by September 1, Cheil Industries said on May 26.
Cheil Industries will absorb Samsung C&T by issuing new shares for shareholders of Samsung C&T, Cheil Industries said.
One of Cheil Industries' public relations representatives told Business Korea that the company will offer “35 shares for 100 shares” of Samsung C&T.
The merged entity will be named “Samsung C&T”, Cheil Industries said.
The companies will have an extraordinary general meeting of shareholders, Cheil Industries said.
The merged entity will be the largest shareholder of Samsung Biologics, as Cheil Industries and Samsung C&T have 46.3 percent and 4.9 percent shares of Samsung Biologics, Cheil Industries said.
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