[THE INVESTOR]
SsangYong Cement Industrial’s largest shareholder Hahn & company has acquired the entire stake owned by the second largest stakeholder Taiheiyo Cement, it announced on June 29.
The investment company established by a private equity fund manager purchased 25,989,010 shares from the holding company of the Japanese cement company for 450 billion won ($388.6 million), increasing its stake to 79.2 percent from 46.8 percent.
This transaction will prevent any possibility of conflict over control of Ssangyong, the largest cement company in Korea. Owning over 30 percent stake, Taihei has repeatedly challenged Hahn & Co.’s moves to take over Ssangyong, including filing a lawsuit to confirm preferential right to acquire shares when the creditors sold their shares of Ssangyong to Hahn & Co. in April.
Taihei has been unsuccessfully seeking to exit due to the lack of control over management, and handed over its stake at market price.
By Hwang You-mee (
glamazon@heraldcorp.com)