LG Chem Co., South Korea's top chemicals company, said Friday that it has agreed to take over a local pesticides and fertilizer maker for 425 billion won (US$369 million).
Previously, LG Chem signed a deal to buy Dongbu Farm Hannong for 515 billion won and sought to complete it by March this year.
In a regulatory filing, LG Chem said it will wrap up the deal by April 15.
The takeover push comes as LG Chem faces a growing challenge from Chinese rivals in its flagship chemicals and electric car battery businesses.
Dongbu Farm Hannong is the No. 1 crop protection and seed producer in the country, with shares of 27 percent and 19 percent, respectively. (Yonhap)