Eugene Group’s Tongyang stake

South Korea’s Eugene Group, which supplies ready mixed concrete, has acquired a stake of just over 10% in rival Tongyang for a reported KRW 97.2 billion (€73.70 million/US$81.89 million). The acquisition, which makes Eugene the biggest single shareholder in Tongyang, was from Pine Tree Investment and Management, a local private equity company.
May 31, 2016 Read time: 1 min

South Korea’s Eugene Group, which supplies ready mixed concrete, has acquired a stake of just over 10% in rival Tongyang for a reported KRW 97.2 billion (€73.70 million/US$81.89 million).

The acquisition, which makes Eugene the biggest single shareholder in Tongyang, was from Pine Tree Investment and Management, a local private equity company.

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March 31, 2016

South Korea: Tongyang takeover bid unsuccessful

In South Korea Pine Tree Investment Management and Eugene Group have failed a reported hostile takeover of conglomerate Tongyang.

The two companies have failed to secure the required number of shares for a special resolution at the general shareholders' meeting of Tongyang.

The conglomerate's businesses include asset management, life insurance and cement.

During the meeting, the two companies are said to have proposed to increase the number of board members in Tongyang from ten at present.

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