HD Hyundai Oilbank Decides to Absorb Subsidiary HD Hyundai Cosmo Through Merger

by Lee Sungmin

Published 25 Oct.2024 18:50(KST)

Updated 25 Oct.2024 18:57(KST)

HD Hyundai Oilbank will merge its chemical subsidiary HD Hyundai Cosmo, which was established as a joint venture with Japanese refining company Cosmo Oil.

According to the Financial Supervisory Service's electronic disclosure system on the 25th, HD Hyundai Oilbank has decided to absorb and merge HD Hyundai Cosmo, in which it currently holds a 50% stake.

HD Hyundai Oilbank Daesan Plant Panorama <br>[Photo by HD Hyundai Oilbank]

HD Hyundai Oilbank Daesan Plant Panorama
[Photo by HD Hyundai Oilbank]

HD Hyundai Oilbank plans to acquire the remaining 50% stake from Cosmo Oil on the 1st of next month, ultimately obtaining 100% ownership.

The merger date is set for December 30.

The company stated, "We expect to enhance management efficiency and strengthen business competitiveness through cost reduction by means of the merger."