Hanwha Energy launched a bid on Friday to acquire shares worth 180 billion won ($130 million) in the group's holding company Hanwha, as part of a succession plan to transfer management control from the current Hanwha Group chairman to his three sons.

Hanwha Energy, the renewable energy arm under Hanwha Group, South Korea’s seventh-largest conglomerate by total assets, seeks to secure 6 million common shares of Hanwha, according to a regulatory filing made on the same day.

The tender offer price is set at 30,000 won per cshare, up 7.71 percent from the previous closing price of 27,850 won. The plan would cost Hanwha Energy as much as around 180 billion won.

If the tender offer goes as planned, Hanwha Energy will own a 17.7 percent stake in the holding company, up 8 percent from the current 9.7 percent, becoming the second largest shareholder of the firm.

The company explained its move to be an attempt to “strengthen responsible management across Hanwha Group by securing a further stake in Hanwha.”

However, the tender offer is interpreted as a move to solidify its succession plan, which will shift control over the group’s business from the current Chairman Kim Seung-yeon, to his oldest son Dong-kwan, Hanwha Group vice chairman; second son Dong-won, Hanwha Life Insurance president; and youngest son Dong-seon, Hanwha Galleria vice president.

The father Kim is the largest stakeholder in Hanwha, owning 22.51 percent of shares, while the brothers have a combined 9.19 percent stake in the company.

While Hanwha Energy currently owns 9.7 percent of Hanwha shares, the three sons have full control over the energy unit -- Dong-kwan owning a 50 percent stake, while Dong-won and Dong-seon each have 25 percent.

By acquiring an additional stake in the holding company through Hanwha Energy, the three sons will exercise further control over the group and its affiliates.

The tender offer ends July 24. The lead underwriter for the bid is NH Securities & Investments. Backed by the tender offer plan, the Hanwha share listed on benchmark Kospi stood at 29,250 won as of 1:10 p.m., marking a 1,400 won or 5.03 percent rise from the previous day.