SEOUL, Legal uncertainties surrounding an integration plan of the major South Korean pharmaceutical firm Hanmi Pharmaceutical Group and chemical company OCI Group have diminished, industry sources said Tuesday, as a local court upheld the plan. Earlier in the day, the Suwon District Court rejected an injunction request filed by Lim Jong-yoon and Lim Jong-hoon, sons of the late founder of Hanmi Group, Lim Sung-ki, aimed at preventing the group's holding company, Hanmi Science Co., from issuing new shares. The court decision seemed to pave the way for the holding company to proceed with a general shareholders' meeting Thursday and to put the integration plan to a vote. The move by the Lim brothers was considered to be part of efforts to block the integration of Hanmi Group and OCI Group after the two sides announced in January they will push for a merger by issuing and acquiring new shares in each other to strengthen competitiveness in the global healthcare market. Hanmi Group is currently headed by Song Y oung-sook, the wife of the late founder, who supports the merger plan. The fate of the Hanmi-OCI merger will be determined at the upcoming shareholders' meeting. Market watchers say it is difficult to predict the result as the pro-merger group, led by Song, holds only 35.33 percent of Hanmi Science's total shares, while opponents of the plan, including the Lim brothers, account for 40.57 percent. Consequently, the National Pension Service, which holds 7.66 percent of Hanmi Science's shares, is expected to have a decisive vote. Hanmi Group is one of the top five South Korean pharmaceutical companies, while OCI Group is the 38th-biggest firm in the country in terms of total amount of assets as of last year. Source: Yonhap News Agency
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