Big Money Deal

 

The Hanwha Group said that there is no money problem at all regarding its acquisition of four Samsung subsidiaries.

“There is no financial obstacle with regard to the big deal,” said Hanwha Public Relations Manager Kang Ki-soo at a press conference on Dec. 3, adding, “It is said that our subsidiaries would be sold to prepare the money, but it is not true, and the deal will survive even after Samsung employees opposed to the contract establish an emergency committee.”

The Hanwha Group is planning to launch due diligence of the four subsidiaries – Samsung Techwin, Samsung Thales, Samsung Total, and Samsung General Chemicals – in January next year. They plan to wrap up the process within three months, before completing the acquisition before the end of the first half of next year.

“The purpose of the deal is not a simple takeover but growth of the defense and chemical businesses with Samsung, to compete with global leaders like Lockheed Martin,” he stressed.

Copyright © BusinessKorea. Prohibited from unauthorized reproduction and redistribution