Posted in | News | Petrochemicals

Honam-LG Purchase of Hyundai Petrochem Finalised

Jun 27 2003

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Details for the sale of Hyundai Petrochemical Co to the Honam-LG Consortium, consisting of Honam Petrochemical Corp and LG Chem have been finalised.

The 1.76 trillion KRWon deal was approved by the Korean Fair Trade Commission on the 26th, paving the way for the deal to proceeed.

The fate of Hyundai Petrochem was in doubt after a number of failed attempts to sell the debt-ridden company. The deal was in fact the largest of its kind seen in Asia.

Hyundai Petrochem will benefit from economies of scale advantages by being associated with Honam Petrochem and LG Chem. The business will also benefit from other synergies that will develop through the association.

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