Lotte Chemical Corporation (KOSE:A011170) entered into a stock purchase contract to acquire 53.3% of stake in ILJIN Materials Co., Ltd. (KOSE:A020150) from Huh Jae-myung and two others for KRW 2.7 trillion on October 11, 2022. As of January 10, 2023, the transaction has received Fair Trade Commission approval. The transaction is expected to close in February 2023. Morgan Stanley (NYSE:MS) acted as financial advisor to Lotte Chemical Corporation (KOSE : A011170). As of February 9, 2023, the transaction is expected to close on March 31, 2023.

Lotte Chemical Corporation (KOSE:A011170) completed the acquisition of 53.3% of stake in ILJIN Materials Co., Ltd. (KOSE:A020150) from Huh Jae-myung and two others on March 14, 2023. ILJIN MATERIALS Co., Ltd. name has been changed to Lotte Energy Materials.