Seoul (AFP) - Samsung Group announced Wednesday the sale of stakes in four petrochemical and defence affiliates for $1.7 billion as the South Korean giant steps up restructuring efforts ahead of a generational ownership succession. The sale to the Hanwha conglomerate, which has major petrochemical holdings, is expected to be finalised in the first half of next year, Samsung said in a statement.The deal involves Samsung Electronics and other group affiliates selling their combined stakes in defence firm Samsung Techwin and Samsung General Chemicals.A 50-percent stake held by Samsung General Chemicals in its joint venture with the French energy giant Total, called Samsung Total, will also be sold to Hanwha, along with Samsung Techwin's 50-percent holding in a joint venture with French defence firm Thales.It marks the first sale of Samsung affiliates since the group was forced to shed its struggling carmaking unit in 1997 during the Asian financial crisis.Samsung is comprised of dozens of units including Samsung Electronics, the world's top maker of mobile phones and TVs, which earn a collective revenue equal to around 20 percent of South Korea's annual economic output. The family-run group currently chaired by Lee Kun-Hee has merged, broken out or newly listed some of its key units in recent years as he prepares to hand over helm to his son, J.Y.

 

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