CJ Group: "We Have Never Considered a Merger with CJ Olive Young"

"No Request Made for Merger Valuation"

CJ Group has officially denied rumors of a merger with CJ Olive Young.

On September 5, CJ stated in a newsroom announcement, "CJ has never requested a valuation for the purpose of a merger with CJ Olive Young, nor have we ever considered the possibility of a merger itself." This statement was issued immediately after some media outlets reported that CJ had begun a valuation process to determine a merger ratio.

Olive Young

In the market, there has been more speculation about a potential merger than the possibility of an initial public offering (IPO) for Olive Young. In particular, as Lee Sunho, the eldest son of CJ Group Chairman Lee Jay-hyun, recently returned to the holding company after six years-now serving as Head of Food Growth at CJ CheilJedang-some observers have even interpreted this as a "signal for a merger."

As rumors of a merger surfaced, the stock price soared. On this day, CJ shares rose to as high as 183,800 won during trading, marking a new 52-week high.