SEOUL — Hanwha Energy Corporation announced a significant investment on Friday, planning to acquire an additional 8 percent stake in Hanwha Corp., the holding company of Hanwha Group, for approximately 180 billion won (US$131 million). This move is set to increase its shareholding to 17.7 percent, making it the second-largest shareholder.
According to Yonhap News Agency, The purchase involves a tender offer for 6 million outstanding shares at 30,000 won per share, as stated by Hanwha Energy, a company owned by the three sons of Hanwha Group Chairman Kim Seung-youn. This strategic acquisition is aimed at consolidating the family's control over the conglomerate and is seen as part of the broader succession planning within Hanwha Group. Notably, this tender offer is seen by market observers as a step towards transitioning leadership to Kim's eldest son, Dong-kwan, the current vice chairman of the group.
Following the announcement of the tender offer, which will run until July 24, shares of Hanwha Corp. experienced a notable rise, increasing by 4.31 percent to close at 29,050 won. This performance notably outstripped the broader Korea Composite Stock Price Index, which saw a gain of 1.32 percent, underscoring the market's positive reaction to the news.