SEOUL South Korea's LG Chem (051910.KS) is considering a merger with its pharmaceutical affiliate LG Life Sciences (068870.KS), an LG Chem spokesman said, adding that nothing has been decided.
South Korean media MoneyToday reported on Tuesday that LG Chem, a petrochemicals and battery maker, plans to acquire LG Life Sciences to nurture a new growth engine, citing an official at their parent group. The report said that the two companies will hold board meetings as early as Friday to discuss the merger.
LG Life Sciences has a market value of 1.1 trillion won ($996.71 million) as of Monday.
($1 = 1,103.6300 won)
(Reporting by Hyunjoo Jin; Additional reporting Dahee Kim; Editing by Michael Perry)