Hanwha Chemical has accelerated its efforts to purchase the petrochemical division of Dow Chemical by establishing a task force to manage the process.

The team is said to consist of Credit Suisse as an advisor and more than 20 Hanwha employees. Internationally acclaimed law firm Skadden, Arps, Slate, Meagher & Flom is also on the team, according to industry sources.

If realized, the country’s ninthlargest business conglomerate by assets will pay around 3 trillion won ($2.9 billion) for the deal, becoming one of the largest basic chemical developers in the world. Dow’s chlorine value chain is expected to generate $5 billion in sales a year, and Hanwha has been one of the strongest candidates since March.

According to industry sources, the task force team conducted a field examination on one of Dow’s manufacturing sites in the U.S. in June. The acquisition process is expected to be in full swing by the end of the year.

As of 2013, Hanwha Chemical had 12.8 trillion won in assets. The company marked a surplus in the fourth quarter of 2013, recording 14.4 billion won in net profit.

Hanwha sold its construction materials division Hanwha L&C to Morgan Stanley Private Equity last month and announced a plan to sell Hanwha Polydreamer and Dreampharma in an apparent bid to reserve cash for the Dow deal.

“We are definitely interested in Dow. But it is a long process and nothing is for sure,” a Hanwha Chemical spokesman told The Korea Herald.

By Bae Ji-sook (baejisook@heraldcorp.com)