Hyosung TNC "Internal Review Underway for Acquisition of Hyosung Chemical Specialty Gas Business"

Hyosung TNC recently announced that it is considering the acquisition of the special gases division of Hyosung Chemical, following the collapse of sale negotiations. This announcement was made to clarify rumors that Hyosung TNC would acquire Hyosung Chemical's special gases division, which had caused a sharp drop in its stock price.

Hyosung TNC stated in the announcement, "We have received a letter of intent regarding the acquisition of the special gases division from Hyosung Chemical Co., Ltd. and are internally reviewing it, but no concrete decisions have been made to date."

As of 2:28 PM on the same day, Hyosung TNC's stock was trading at 217,500 KRW, down 51,500 KRW (19.14%) from the previous trading day.

Earlier, on July 11, Hyosung Chemical had selected the Stick Investment and IMM Private Equity (IMM PE) consortium (hereafter Stick·IMM consortium) as the preferred bidder for the sale of the special gases business, but withdrew the selection on the 20th due to disagreements over corporate valuation.

At that time, Hyosung Chemical stated, "We are continuing discussions with other investors to proceed with the sale of the special gases business," but some have speculated about the possibility of mergers and acquisitions (M&A) between affiliated companies.