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Hahn & Company acquires Taiheiyo Cement’s full stake in Ssangyong Cement

Collected: 2016.06.30

Distributed: 2016.07.01

Source: Go Direct

[Photo by Ssangyong Cement]

South Korea’s private equity investment firm Hahn & Company became the single majority shareholder of Ssangyong Cement Industrial Co. through purchase of 32.4 percent stake in the cement maker from Japanese rival Taiheiyo Cement Corp. for 454.8 billion won ($392 million) to up its share to 79.2 percent.

Hahn & Co. announced on Wednesday that it signed a contract to buy entire 32.4 percent stake including preferred stocks with voting rights in Ssangyong Cement Industrial for 17,500 won per share from the Japanese company that had ran Ssangyong Cement for 15 years until last year.

In 2000, Taiheiyo Cement invested about 65 billion yen ($632 million) in cash-strapped Ssangyong Cement suffering from aftereffects of the Asian financial crisis and since exercised management right as the largest shareholder. It lost controlling power when creditors conducted an open bidding to sell their shareholding to Hahn & Co. late last year. It took a legal action arguing that the creditors ignored its right to buy the stake ahead of others during the open bid, but it lost the lawsuit.

By Chun Gyung-woon

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