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[THE INVESTOR] Samsung Heavy Industries has no immediate plans to push for a merger with Samsung Engineering, Samsung Heavy CEO Park Dae-young said on Aug. 17.
With the Special Act on Corporate Revitalization taking effect on Aug. 13, speculation rose that the two Samsung Group companies would push to merge. The two companies had attempted to merge in 2014, but the plans were called off on opposition from shareholders.
However, Park rejected the speculation, saying a merger is not in the company’s immediate plans.
With the Special Act on Corporate Revitalization taking effect on Aug. 13, speculation rose that the two Samsung Group companies would push to merge. The two companies had attempted to merge in 2014, but the plans were called off on opposition from shareholders.
However, Park rejected the speculation, saying a merger is not in the company’s immediate plans.
“Survival alone is the priority for both Samsung Engineering and Samsung Heavy,” Park said. Park added the company is preparing to issue additional stocks, and that about 1 trillion won (US$909 million) would be sufficient for the company’s needs.
Park, however, left the possibility for a merger in the future open, saying Samsung Heavy would benefit from Samsung Engineering’s technological capabilities.
The Special Act on Corporate Revitalization, which took effect on Aug. 13, is aimed at allowing eligible companies to reorganize their business portfolio.
By Choi He-suk (cheesuk@heraldcorp.com)
