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Samsung Corp. acquires Samsung Engineering shares

Samsung Corp. acquires Samsung Engineering shares

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Published : 2013-12-14 16:29
Updated : 2013-12-14 16:29

Samsung Corp. has acquired the Samsung Engineering shares Samsung SDI had been holding, while at the same time selling its stake in Samsung Card to Samsung Life in a move signaling yet more changes to come in the Samsung management structure.

On Friday, Samsung SDI said it was selling its entire 5.09 percent stake in Samsung Engineering to Samsung Corp. for 113 billion won. 

The move would make Samsung Corp. the second-largest stake-holder at Samsung Engineering.  

The decision came amid lingering rumors that Samsung Corp., which handles both trade and construction, would be merging with Samsung Engineering, whose portfolio consists mainly in building facilities for gas and refinery businesses.  

At the same time, the stake sale is expected to provide Samsung SDI with a chance to finance future projects, industry watchers said. 

Samsung Life, by obtaining the Samsung Card stakes that will be sold to it by Samsung Electro-Mechanics, Samsung Corp. and Samsung Heavy Industries, will become the second largest shareholder at the credit card issuer. 

Samsung Group reportedly harbors plans to mold Samsung Life into the central organ for its financial affiliates. Samsung Electronics still stands as the major shareholder.
 
By Kim Ji-hyun



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