South Korea’s FTC to Review Dunamu-Naver Financial Merger on Nov. 18
Summary
- South Korea’s Fair Trade Commission is set to conduct a business combination review for the merger between Dunamu and Naver Financial on Nov. 18.
- If the business combination review for Dunamu and Naver Financial is approved, the remaining steps would include regulatory procedures such as approval of a change in major shareholder from financial authorities.
- If the regulatory procedures are completed, Naver Financial plans to complete the merger by carrying out a share swap in late March after a shareholder meeting in February next year.
Forecast Trend Report by Period
South Korea’s Fair Trade Commission is scheduled to conduct a business combination review on Nov. 18 for the proposed merger between Dunamu and Naver Financial, according to a report.
Korea Economic TV reported on Nov. 4 that the commission plans to hold a plenary meeting on Nov. 18 with the Dunamu-Naver Financial merger review on the agenda.
If the business combination review is approved, the companies would still need to complete regulatory procedures, including financial authorities’ approval of a change in major shareholder.
Once those procedures are completed, Naver Financial plans to finish the merger by carrying out a share swap in late March, following a shareholder meeting in February next year.
Dunamu and Naver Financial announced the merger in November last year. The two companies had originally planned to complete it by the end of June this year.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul