Lotte to Take Over Samsung's Chemical Units

Lotte Group has agreed with Samsung Group to purchase the latter's chemical affiliates and a chemical unit of Samsung SDI for about between 2.5 trillion won and 3 trillion won, the latest move by Samsung in the task of restructuring the county's most powerful conglomerate.

"Lotte Chemical will hold a board meeting Oct. 30 and vote on the issue to takeover Samsung's chemical units," a high-ranking executive said late Thursday.

Samsung SDI will hold a board meeting early Friday, according to Samsung officials. The deal will be subject to shareholder approval.

Top management at Samsung Group reached a consensus to sell a 90 percent stake in Samsung SDI's chemical business, a 31.23 percent stake in Samsung Fine Chemicals and 49 percent of Samsung BP Chemicals to Lotte Group.

Specifically, Samsung SDI, the battery-making affiliate of Samsung, will separate its chemical business division to focus more on battery-related businesses.

A spokesman said Samsung SDI was in talks with Lotte to handover its chemical business as part of the group-wide ongoing strategy to realign and restructure business units focusing on promising ones as power shift is under way in the conglomerate led by Samsung Vice Chairman Lee Jae-yong.

"Final prices will be decided after checking fact-sheets of the three Samsung affiliates. But it's...