Major subsidiaries of the nation’s top conglomerates hold an average of 3.26 percent in treasury stocks as a way to protect their management rights from possible takeover threats, data showed Monday.

According to a survey of 96 conglomerate subsidiaries by Chaebul.com, an online information provider, three companies under Hyundai Heavy Industries Group were at the top with 11.67 percent on average in the treasury shareholding ratio to total stocks issued.

Hyundai Heavy was followed by Hanjin Group with 6.59 percent (six subsidiaries) and Samsung Group with 6.41 percent (18 subsidiaries).

Hanwha Group, which has seven subsidiaries, had 4.86 percent of its own stocks, Doosan Group had 2.92 percent (six subsidiaries) and Hyundai Motor Group had the least of its own stocks with 1.99 percent (11 subsidiaries).

Analysts said the conglomerates appear to be holding treasury stocks because they can be useful in legal battles with those who seek a hostile takeover.