SEOUL – The planned integration between Hanmi Pharmaceutical Group, one of South Korea's leading pharmaceutical firms, and OCI Group, a major chemical company, has seen a reduction in legal obstacles following a favorable court decision. The Suwon District Court has ruled against an injunction that sought to prevent Hanmi Group’s holding company, Hanmi Science Co., from issuing new shares, a move initiated by Lim Jong-yoon and Lim Jong-hoon, the sons of Hanmi Group's late founder, Lim Sung-ki. This legal development has cleared a significant hurdle for the merger, allowing the holding company to proceed with a critical shareholders' meeting scheduled for Thursday to vote on the integration plan.
According to Yonhap News Agency, the court's decision represents a pivotal moment in the ongoing efforts to merge Hanmi Pharmaceutical Group and OCI Group. The merger, announced in January, aims to bolster the companies' global healthcare market competitiveness through the issuance and acquisition of new shares. Despite the court's ruling, the outcome of the merger remains uncertain, as the group advocating for the merger, led by Song Young-sook, widow of Hanmi’s late founder and current leader of the group, controls 35.33 percent of Hanmi Science's total shares. This contrasts with the 40.57 percent held by the merger's opponents, including the Lim brothers. As a result, the National Pension Service, holding a 7.66 percent stake in Hanmi Science, is anticipated to cast a decisive vote in the upcoming shareholders' meeting.
The integration has been closely monitored due to the significant market positions of both companies; Hanmi Group ranks among the top five South Korean pharmaceutical companies, and OCI Group stands as the 38th-largest firm in terms of assets as of the previous year.