In today’s briefing:
- HD Hyundai Marine Solution Block Deal Sale of 8.5% of Outstanding Shares
- HD Hyundai Marine Placement – Very Well Flagged, Overhang Easing but Last Deal Didn’t Do Well
- Clearing Confusion on Samsung C&T’s Forced Holding Co Conversion: Key Trade Angle in Biologics Split
- Samsung Biologics: Creation of a Holding Company to Split CDMO and Biosimilar Businesses
HD Hyundai Marine Solution Block Deal Sale of 8.5% of Outstanding Shares
- After the market close today, it was announced that KKR is selling 3.81 million shares (8.5% of outstanding shares) of HD Hyundai Marine Solution in a block deal sale.
- The expected block deal sale price is 145,000 won to 148,000 won per share, which represent 7.96% to 9.83% discount to the closing price of 160,800 won on 22 May.
- Once this block deal is completed, KKR’s remaining stake in HD Hyundai Marine Solution will be reduced to 11% (4.94 million shares).
HD Hyundai Marine Placement – Very Well Flagged, Overhang Easing but Last Deal Didn’t Do Well
- KKR is looking to raise around US$410m via selling some of its stake in HD Hyundai Marine Solution (443060 KS).
- KKR had come out of its IPO linked lockup in Nov 2024 and had tried to launch a deal in Dec 2024 and finally undertook a deal in Feb 2025.
- In this note, we will talk about the placement and run the deal through our ECM framework
Clearing Confusion on Samsung C&T’s Forced Holding Co Conversion: Key Trade Angle in Biologics Split
- Samsung C&T’s holding ratio mainly hinges on its Samsung Biologics stake; Samsung Electronics’ 5% isn’t counted, and Samsung SDS is excluded since Samsung Electronics is its largest shareholder.
- This ties to calls for Samsung’s governance overhaul, aiming for C&T to avoid forced conversion while boosting control over Samsung Electronics via bold, more aggressive moves than expected.
- Samsung C&T will likely sell some Biologics shares around its in-kind contribution to Epis, timing sales based on post-listing price action.
Samsung Biologics: Creation of a Holding Company to Split CDMO and Biosimilar Businesses
- On 22 May, Samsung Biologics (207940 KS) announced that that it plans to establish a new holding company called Samsung Bioepis Holdings through a spin-off.
- Samsung Bioepis Holdings will fully incorporate Samsung Bioepis as a wholly owned subsidiary. Samsung Bioepis will focus on the biosimilars business. Samsung Biologics will focus on the CDMO business.
- There is likely to be mixed reactions to Samsung Biologics’ announcement to create a holding company structure to split the CDMO and biosimilar businesses.
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