November 25, 2014 / 11:51 PM / 4 years ago

Hanwha Group to acquire Samsung chemical, defense units: source

SEOUL (Reuters) - South Korean conglomerate Hanwha Group will acquire defense firm Samsung Techwin Co Ltd and three other Samsung Group affiliates, a person with direct knowledge of the matter said on Wednesday.

The person, who declined to be named due to the sensitivity of the matter, said Hanwha will also acquire unlisted Samsung Total Petrochemicals Co Ltd, Samsung General Chemicals Co Ltd and Samsung Thales Co Ltd, a joint venture with French defense electronics firm Thales.

A Hanwha spokesman said the group will decide on whether to acquire certain Samsung Group firms without providing details, while a Samsung Group spokesman declined to comment.

South Korea’s Yonhap News Agency reported earlier on Wednesday that Hanwha Group firms will likely acquire stakes in the four Samsung firms for more than 2 trillion won ($1.8 billion) without citing direct sources.

Reporting by Joyce Lee; Writing by Se Young Lee; Editing by Richard Pullin

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