Korea’s Celltrion Group speeds up merger of three listed companies

[Photo by Yonhap]

South Korea’s Celltrion Group is accelerating the merger of three listed companies, Celltrion Inc., Celltrion Healthcare Co., and Celltrion Pharm Inc., following the management return of Chairman and Founder Seo Jung-jin.

According to industry sources on Wednesday, Celltrion Group selected Mirae Asset Securities Co. as the lead manager for the merger of its three publicly-traded companies. Analysts project the merger will take place by the end of this year.

Celltrion Group has repurchased its own shares four times this year alone, with the aim of increasing shareholder value.

Industry insiders, however, believe the purchases are part of the group’s strategy to pave the way for the merger of the three companies as treasury stocks can help alleviate financial burden for the acquisition.