(MENAFN- QNA) Samsung Group's both shipbuilding and engineering units announced Monday their plans to merge within this year as the nation's top conglomerate speeds up a restructuring drive.
The stock exchange ratio has been set at 2.36 shares of Samsung Engineering Co. per one Samsung Heavy Industries Co. share, South Korea's (Yonhap) News Agency reported.
Samsung Heavy said in its regulatory filing that it aims to combine its shipbuilding and marine plant business with Samsung Engineering's competitive edge in designing, purchasing and managing plant-related projects.
The two companies will hold an extraordinary shareholders' meeting on October 27 to approve the merger, which is scheduled to be completed by early December.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.