Firelight Launches as First XRP Staking Platform on Flare, Introduces DeFi Cover Feature 
IMF Deputy Dan Katz Visits China as Key Economic Review Nears 
UPS MD-11 Crash Prompts Families to Prepare Wrongful Death Lawsuit 
Asia’s IPO Market Set for Strong Growth as China and India Drive Investor Diversification 
Asian Markets Mixed as Fed Rate Cut Bets Grow and Japan’s Nikkei Leads Gains 
Tesla Faces 19% Drop in UK Registrations as Competition Intensifies 
Rio Tinto Raises 2025 Copper Output Outlook as Oyu Tolgoi Expansion Accelerates 
Spain’s Industrial Output Records Steady Growth in October Amid Revised September Figures 
European Stocks Rise as Markets Await Key U.S. Inflation Data 
Microchip Technology Boosts Q3 Outlook on Strong Bookings Momentum 
Airbus Faces Pressure After November Deliveries Dip Amid Industrial Setback 
Asian Currencies Edge Higher as Markets Look to Fed Rate Cut; Rupee Steadies Near Record Lows 
Asian Markets Mixed as RBI Cuts Rates and BOJ Signals Possible Hike 
Magnum Audit Flags Governance Issues at Ben & Jerry’s Foundation Ahead of Spin-Off 
Wikipedia Pushes for AI Licensing Deals as Jimmy Wales Calls for Fair Compensation 
Proxy Advisors Urge Vote Against ANZ’s Executive Pay Report Amid Scandal Fallout 
Gold Prices Edge Higher as Markets Await Key U.S. PCE Inflation Data 
Hahn & Company will be taking over Namyang Dairy Products after acquiring a controlling stake worth ₩310.7 billion or around $278.2 million. This information was revealed on Thursday, May 27.
The company put up stakes for sale
Hahn & Company, the South Korean private equity investment firm specializing in buyouts and corporate restructurings, will be buying the combined 378,938 common shares that are owned by the company’s former chairman, Hong Won Sik, his wife, and his grandson. The Korea Herald reported that Namyang Dairy Product’s board agreed to put these stakes up for sale.
The acquisition of the Namyang stakes came to light through the disclosure that was filed to the Financial Supervisory Service. It was further stated in the filing that although most of the family members in the Hong clan have already stepped down from the company’s high positions, Hong Won Sik’s brother, Hong Myeong Sik, will remain a minority shareholder.
It was estimated that the purchase price is ₩820,000 per share, which is nearly double that of the closing price on May 27, which was ₩439,000. The sale comes after Namyang Dairy Products was hit with a series of scandals, and the latest was about its false claim that its Bulgaris yogurt product can help prevent COVID-19. The company was heavily criticized, and this led to the resignation of its chairman earlier this month.
Namyang and Hahn & Company’s purchase agreement
As mentioned in The Korea Economic Daily, Hahn & Company acquired a controlling stake amounting to $278.2 million, and this is said to be equivalent to 53% of the company’s shares.
While Namyang Dairy and Hahn & Co. already signed the purchase deal on Thursday, the transaction is not over yet. The deal is set to close on Aug. 31.
It was said that once it takes over, Hahn & Company will focus on making the beleaguered company’s corporate governance better. It is also aiming to strip Namyang’s board of directors’ authority to make decisions on matters involving company affairs.
“This marks our continued belief in the attractiveness of the Korea market despite headwinds presented by the current pandemic,” Scott Sang Won Hahn, the private equity firm’s chief executive officer, said in a statement. “Namyang is a franchise consumer brand in Korea with compelling opportunities to further expand and strengthen its brand.”
