Hanwha Group has begun to acquire the site of the East Seoul Terminal owned by Shinsegae Group.
Shinsegae, which entered the race to acquire eBay Korea, needed funds, and Hanwha's need to acquire Seoul's landmark site for large-scale development was met.
According to the investment banking (IB) industry on the 14th, Hanwha Engineering & Construction is considering acquiring the site of the East Seoul Terminal at the planning office under the direct control of the CEO.
Hanwha Group can boost the corporate value of major affiliates through large-scale development projects. At the end of last year, Hanwha Solution merged Hanwha Galleria and Hanwha City Development, which are in charge of distribution businesses such as department stores in the group.
Hanwha Solution is led by President Kim Dong-kwan, the eldest son of Chairman Kim Seung-yeon. It is an opportunity to show its presence as a large-scale development project.
The problem is the price. Hanwha wants 4,600 to 4,700 billion won. Shinsegae expects about 5,000 billion won.
On the other hand, a Shinsegae Property official said, "We plan to proceed with the business as scheduled," adding, "We have not considered selling it.". An official of Hanwha Engineering & Construction said, "We are not pursuing the acquisition.".
Reporter Lee Ji-sun stockmk2020@gmail.com
