SEOUL: Samsung Heavy Industries will absorb Samsung Engineering for about $2.5 billion, the latest step in a restructuring at South Korea's largest conglomerate that has accelerated since the controlling Lee family's patriarch was hospitalised in May.
Investors are closely watching how control of the group will be transferred to heir apparent Jay Y. Lee and his two sisters. The planned initial public offerings of Cheil Industries Inc - formerly called Samsung Everland - and Samsung SDS Co Ltd are seen as key elements in the succession process.
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