NS Terminates Merger Agreement with Wonik P&E

[Asia Economy Reporter Hwang Junho] NS announced on the 20th that due to the occurrence of a reason for termination of the merger contract caused by the exercise of the stock purchase right related to the merger with Wonik P&E Co., Ltd., it has decided to terminate the merger contract through the board of directors.

The total amount of the stock purchase price that NS and Wonik P&E Co., Ltd. must pay exceeded 20 billion KRW as of the expiration date of the stock purchase right exercise period. Accordingly, pursuant to Article 17 of the merger contract signed by NS and Wonik P&E Co., Ltd. on May 2, the merger contract was terminated by mutual consultation, resolution of the board of directors, and written notice to each company.