Hanwha Chief Goes Back to Work with Massive Deal

No sooner had disgraced Hanwha Group chairman Kim Seung-youn finished his community service sentence for corruption than the conglomerate announced it is buying four chemical and defense firms from the Samsung Group for W1.9 trillion (US$1=W1,108).

Hanwha will acquire a 32.4 percent stake in Samsung Techwin, which in turn owns a 50-percent stake in Samsung Thales, a joint venture with French arms manufacturer Thales International.

Hanwha Chemical and Hanwha Energy will buy a 57.6 percent stake in Samsung General Chemicals, which also has a 50-percent stake in Samsung Total Petrochemicals, a joint venture with the French oil company Total.

The deal, Korea's biggest since the 1998 Asian financial crisis, makes Hanwha Group the country's ninth-largest conglomerate with assets totaling W50 trillion.

Hanwha has promised to keep on all 8,200 current Samsung workers, but whether the tainted conglomerate can keep the pledge remains to be seen.

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Samsung Staff Resist Massive Selloff

A massive selloff of Samsung subsidiaries has hit a hurdle with staff of Samsung Techwin, the conglomerate's defense subsidiary, forming an emergency committee to resist the sale of their company to Hanwha Group.

A member of the committee said, "We have been proud Samsung members until now, but the decision to sell our company to Hanwha Group came virtually overnight. We protest against the sale, which did not have the consent of workers."

Employees at other Samsung affiliates that are being sold off under the massive deal say they were also taken by surprise.

Hanwha announced Thursday it is buying four chemical and defense firms from Samsung for W1.9 trillion (US$1=W1,099).

View the original article here

Samsung Staff Resist Massive Selloff

A massive selloff of Samsung subsidiaries has hit a hurdle with staff of Samsung Techwin, the conglomerate's defense subsidiary, forming an emergency committee to resist the sale of their company to Hanwha Group.

A member of the committee said, "We have been proud Samsung members until now, but the decision to sell our company to Hanwha Group came virtually overnight. We protest against the sale, which did not have the consent of workers."

Employees at other Samsung affiliates that are being sold off under the massive deal say they were also taken by surprise.

Hanwha announced Thursday it is buying four chemical and defense firms from Samsung for W1.9 trillion (US$1=W1,099).

View the original article here

Samsung Staff Resist Massive Selloff

A massive selloff of Samsung subsidiaries has hit a hurdle with staff of Samsung Techwin, the conglomerate's defense subsidiary, forming an emergency committee to resist the sale of their company to Hanwha Group.

A member of the committee said, "We have been proud Samsung members until now, but the decision to sell our company to Hanwha Group came virtually overnight. We protest against the sale, which did not have the consent of workers."

Employees at other Samsung affiliates that are being sold off under the massive deal say they were also taken by surprise.

Hanwha announced Thursday it is buying four chemical and defense firms from Samsung for W1.9 trillion (US$1=W1,099).

View the original article here

Hanwha Chief Goes Back to Work with Massive Deal

No sooner had disgraced Hanwha Group chairman Kim Seung-youn finished his community service sentence for corruption than the conglomerate announced it is buying four chemical and defense firms from the Samsung Group for W1.9 trillion (US$1=W1,108).

Hanwha will acquire a 32.4 percent stake in Samsung Techwin, which in turn owns a 50-percent stake in Samsung Thales, a joint venture with French arms manufacturer Thales International.

Hanwha Chemical and Hanwha Energy will buy a 57.6 percent stake in Samsung General Chemicals, which also has a 50-percent stake in Samsung Total Petrochemicals, a joint venture with the French oil company Total.

The deal, Korea's biggest since the 1998 Asian financial crisis, makes Hanwha Group the country's ninth-largest conglomerate with assets totaling W50 trillion.

Hanwha has promised to keep on all 8,200 current Samsung workers, but whether the tainted conglomerate can keep the pledge remains to be seen.

View the original article here