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Hanmi-OCI Merger Hits Wall As Brothers Win Shareholder Vote, Board Seats

 
• By Jung Won Shin

The planned merger of Korea's Hanmi Pharm Group with OCI Group hits a major speed bump as the two sons of Hanmi's founder and other candidates recommended by them secture board seats. But it remains to be seen how the Lim brothers will fulfil their ambitious promises.

power struggle
Eyes On How Lim Brothers Will Fulfill Fundraising, Other Promises • Source: Shutterstock

The long-awaited shareholders' meeting of South Korea's Hanmi Science, which is embroiled in a leadership dispute involving founder family members, has ended with a victory for two brothers, putting a major brake on the pharma group’s planned merger with the compatriot diversified chemical and energy company OCI Group. 

In a closely-fought vote by shareholders, Chong Yoon Lim and Chong Hoon Lim - both of whom have been strongly opposed to the merger plan - as well as three other board candidates recommended by the two brothers, were elected as board directors of Hanmi

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