Tesla and NatPower Partner on $5 Billion Battery Storage Expansion in Europe 
BOJ Hawk Signals Faster Interest Rate Hikes Amid Inflation Risks 
Samsung and SK Hynix Shares Jump After Micron Earnings Boost AI Chip Optimism 
Japan Signals Preference for Low Interest Rates as BOJ Policy Debate Intensifies 
Bessent Says U.S. Must Strengthen Supply Chains and Economic Security 
Oil Prices Drop as Middle East Supply Recovery Eases Market Concerns 
Samsung Electronics Stock Surges on Report of Massive $59 Billion Share Buyback Plan 
Apple Supplier Stocks Slide as Samsung, SK Hynix Lead Selloff After Apple Price Hikes 
OpenAI May Delay IPO to 2027 Amid $1 Trillion Valuation Goal 
Trump Requests $11 Billion More in Farm Aid as Rising Costs Pressure U.S. Farmers 
SK Hynix Moves Closer to New York ADR Listing Amid AI Chip Boom 
Anthropic AI Model Uncovers Vulnerabilities in Classified U.S. Government Systems During Security Test 
Wall Street Ends Mixed as Micron Surges, Apple Drops After Price Hikes 
Nomura Stock Upgraded to Buy by BofA as Stronger ROE and Earnings Growth Boost Outlook 
Gold Prices Fall Below $4,000 as Strong Dollar, Fed Rate Hike Bets Weigh on Bullion 
Bain Capital Nears Deal for Majority Stake in Volkswagen Marine Engine Unit Everllence 
Namyang Dairy Products received an order from the court to transfer its controlling stake to Hahn & Company. This is a blow to the owners of the dairy firm as it has recently been fighting to nullify its agreement with the Seoul-based private equity firm (PEF).
The court issued the order based on the acquisition deal that was agreed on by Namyang Dairy Products and Hahn & Company last year. According to The Korea Times, the Seoul Central District Court ruled in favor of the latter and told Namayang’s chairman Hong Won Sik and his family to honor the stock purchase agreement (SPA) that they had previously signed.
The judge also dismissed all the claims of the Hong family, saying that Hahn & Company breached their contract, which is why it cannot hand over the company. The verdict was the result of a lawsuit filed by the PEF firm against Namyang and its owners last year after they seemed to have changed their minds about selling the company.
Hong and his family kept delaying the transfer of the stake and later tried to offer the company to another buyer. Hahn & Company asked the chairman to fulfill what they have agreed on when they signed a contract in May of last year, to sell their 53.8% share in Namyang for KRW310.7 billion or about $220.2 million.
Namyang wants to terminate the agreement four months after the agreement. The company alleged that Hahn & Company unlawfully interfered in their management in addition to breaking a non-disclosure agreement.
"The ruling confirmed the natural principle that contracts should be kept and we thank the court for making a good decision,” an official at Hahn & Company said in a statement. “There have been three provisional dispositions made against Chairman Hong and there is no doubt that our claims have been justified.”
The company added that once they fully confirmed the ruling of the court, it will swiftly make a move and take over the management rights. The official said that their next goal after the takeover is to move on and work to normalize Namyang Dairy Products' business operation.
On the other hand, Korea Joongang Daily reported that Namyang Dairy’s chairman Hong Won Sik is not accepting the ruling and planning to appeal the court’s decision. "Our rights were not properly protected in the process of selling the company that inherited the family business. It is regretful that the court did not seem to have fully considered these conditions," he said.
