(Reuters) – South Korean conglomerate Lotte Group will acquire Samsung Group’s chemical businesses for more than 3 trillion won ($2.63 billion), Korea Economic Daily reported on Thursday citing unnamed sources.
The newspaper said Lotte Group affiliate Lotte Chemical Corp will acquire various assets, including a 31 percent stake in Samsung Fine Chemicals and 90 percent of Samsung SDI Co Ltd’s chemicals business.
Samsung SDI said it is in talks with Lotte Chemical for a potential sale of its chemical business without disclosing further details. Lotte Group, South Korea’s fifth-largest conglomerate, declined to comment, while Lotte Chemical and Samsung Group did not immediately comment.
Samsung Fine Chemicals could not be reached for comment.
Samsung Group has been exiting non-core businesses since last year, when the company said it would sell stakes in four affiliates in the defense and chemical sectors to Hanwha Group, another local conglomerate.
Other affiliates such as Samsung Electronics Co Ltd and Samsung Electro-Mechanics Co Ltd are getting out of businesses with dim growth outlook, as well.
($1 = 1,141.9900 won) (Reporting by Se Young Lee and Joyce Lee; Editing by Simon Cameron-Moore)
Researchers have developed a new chemical process capable of vaporizing plastics and converting them into hydrocarbon building blocks for new materials. This catalytic process breaks down two of the most dominant types of post-consumer plastic waste — PE and PP — into monomers, offering a potential solution to packaging waste management.
On 2 September 2024 it has been agreed that Heikki Malinen will assume the role of Neste’s President and CEO on 15 October 2024. He succeeds Matti Lehmus, who will continue as the President and CEO of Neste until 14 October 2024 and then act as an advisor to the company and its management until mid-November 2024 to ensure a smooth transition.
Eni SpA (Rome) and Azerbaijan’s state energy company Socar (Baku) have signed a memorandum of understanding (MOU) for potential cooperation in the biofuels production chain, including the possible conversion of conventional crude oil refineries into biorefineries. A schedule for potential projects was not given.