Samsung Group has decided to sell Samsung SDI Chemical, Samsung Fine Chemicals Company and Samsung BP Chemicals Company to Lotte Group.
 
Samsung Group held a directors’ meeting at each of the three subsidiaries on Friday and passed a motion seeking to sell to Lotte Chemical Corporation all shares of Samsung SDI Chemical, some 31 percent of Samsung Fine Chemicals’ shares and 49 percent of Samsung BP Chemicals’ shares.
 
In the case of Samsung SDI Chemical, the conglomerate will immediately sell 90 percent of shares and transfer the remaining ten percent three years later.
 
Lotte Chemical also held a directors’ meeting on Friday and passed a motion on acquiring the chemical companies from Samsung.
 
The cost of acquisition has been estimated at three trillion won, or roughly two-point-six billion U.S. dollars. A final cost will be decided after due diligence.
 
Lotte Group promised to guarantee the employment of workers at the three Samsung chemical firms, adding it plans to wrap up the takeover by the first half of next year.
 
Market observers have analyzed that the big deal came as Samsung is aiming to focus on its key businesses, such as the electronics sector, while Lotte is seeking to diversify its key industries by boosting traditional manufacturing industries.