Samsung Group announced on Tuesday the merger of two major affiliates, as the South Korean business giant accelerates restructuring efforts ahead of a generational power transfer within the founding Lee family.
The all stock deal, approved by the boards of both companies would see Samsung’s de facto holding company Cheil Industries — which has interests from fashion to theme parks — acquire general trade and construction affiliate Samsung C&T.
The merger, which is expected to be completed by September is pending shareholder approval. The combined company — to be called Samsung C&T — will target annual sales of about 60 trillion won in 2020.
Full content: The Wall Street Journal
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