LG Chem, South Korea's leading chemicals and battery maker, is pushing to merge with LG Group’s pharmaceutical affiliate LG Life.
Industry insiders said on Sept. 6 that LG Chem was mulling acquiring LG Life Sciences. As calls for investing in new businesses came from within LG Group’s top management, an LG Chem-LG Life Sciences merger plan has been drawn up to create synergy from the marriage.
LG Chem’s market value is 17.7 trillion won (267,000 won per share) while that of LG Life Sciences is 1.1 trillion won (66,700 won per share). The merger is likely to proceed smoothly as LG Chem reportedly has cash reserves of 2 trillion-3 trillion won.
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