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Wed, May 31, 2023 | 20:35
Economy
Conglomerates decrease the trend of merging together
Posted : 2014-09-01 18:28
Updated : 2014-09-01 18:29
Yoon Ja-young
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By Yoon Ja-young

The combination between subsidiaries of conglomerates fell notably in the first half of this year.


According to the Fair Trade Commission, there were 229 cases of corporate combination ― or the trend of two or more companies merging together to strengthen their marketing position ― between local businesses, a slight increase from 223 the previous year.

Corporate combination by companies with more than 200 billion won assets should be reported to the commission. The commission sometimes disallows a deal.

For instance, in March the commission rejected the takeover of local lens company Daemyung Optical by Essilor Amera Investment, the biggest player in the global market, on the grounds that the takeover could hinder competition.

The combination between subsidiaries of conglomerates, meanwhile, fell 25.7 percent to 55. The commission said mergers decreased notably.

The major merger and acquisition deal this year was the between Hyundai Engineering and Hyundai AMCO. There was also Nonghyup Financial Holdings acquisition of Woori Investment and Securities, and the GS acquisition of STX Energy. Toray Chemical's acquisition of Woongjin Chemical was also among the big deals.

The corporate combination by foreign companies totaled 57, down from last year's 64. Interbrew International's acquisition of Oriental Brewery Company, and Han River Investment's acquisition of CJ Games are among the notable.

Among the corporate combination in the first half, 40 percent were in the manufacturing sector while 60 percent involved service companies.

The most popular form of corporate combination was the acquisition of stocks, followed by mergers and joint ventures.

Emailyjy@koreatimes.co.kr Article ListMore articles by this reporter
 
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