AcquisitionsMay 6, 2026, 06:14 AM
Woori Financial Group to Acquire Tongyang Life Insurance
AI Summary
Woori Financial Group Inc. announced its Board of Directors approved a small-scale share exchange to acquire TONGYANG Life Insurance Co., Ltd. This strategic move will make TONGYANG Life Insurance a wholly-owned subsidiary of Woori Financial Group. The exchange ratio is set at 0.2521056 common shares of Woori Financial Group for each common share of TONGYANG Life Insurance, with the share exchange expected to be effective on August 11, 2026.
Key Highlights
- Woori Financial Group's Board approved a small-scale share exchange to acquire TONGYANG Life Insurance on April 24, 2026.
- Woori Financial Group will become TONGYANG Life Insurance's wholly-owning parent, making it a wholly-owned subsidiary.
- The share exchange ratio is 0.2521056 common shares of Woori Financial Group per common share of TONGYANG Life Insurance.
- Woori Financial Group's capital stock is expected to increase by KRW 43,484,375,000 as a result of the share exchange.
- The expected date for the Board resolution in lieu of a shareholders' meeting is July 24, 2026.
- The expected Share Exchange Date is August 11, 2026.
- If shareholders holding 20% or more of Woori Financial Group's shares dissent, the small-scale share exchange cannot proceed.
- Woori Financial Group shareholders will not be granted appraisal rights for this share exchange.
Price Impact
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