Hanwha Energy to buy larger stake in holding firm of Hanwha Group

Hanwha Energy Corp., fully owned by the three sons of Hanwha Group Chairman Kim Seung-youn, said Friday it will pay some 180 billion won (US$131 million) to buy an 8 percent stake in the group's holding company, Hanwha Corp.Hanwha Energy will make a tender offer of 30,000 won per share to purchase 6 million outstanding common shares in Hanwha Corp., the company said in a statement.If the tender is successful, Hanwha Energy's shareholding in Hanwha Corp. would be raised to 17.7 percent and become the holding firm's second-largest shareholder after the chairman.Observers said the tender offer is part of Hanwha Group's plan to transfer leadership to Kim's eldest son, Dong-kwan, who currently serves as vice chairman.The tender offer will run until July 24.Following the announcement, shares of Hanwha Corp. rose 4.31 percent to trade at 29,050 won as of 2:30 p.m., outperforming the broader KOSPI's 1.01 percent gain.Source: Yonhap News Agency