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LG Chem's takeover deal to be finalized next week

All Headlines 17:44 April 08, 2016

SEOUL, April 8 (Yonhap) -- 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.

sam@yna.co.kr
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