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MarketScreener Homepage  >  Equities  >  KOREA EXCHANGE  >  Samsung Electronics Co Ltd    005930   KR7005930003

SAMSUNG ELECTRONICS CO LTD (005930)
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Samsung Electronics : China approves HP's $1.1 billion buy of Samsung's printer business with curbs

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10/06/2017 | 05:41am CEST
FILE PHOTO: The Hewlett-Packard (HP) logo is seen as part of a display at the Microsoft Ignite technology conference in Chicago

BEIJING (Reuters) - China said on Thursday it has approved HP Inc's (>> HP Inc) $1.1 billion (£839 million) purchase of Samsung Electronics' (>> Samsung Electronics Co Ltd) printer business with certain restrictions, citing concerns about the U.S. firm's dominance of the domestic laser printer market.

BEIJING (Reuters) - China said on Thursday it has approved HP Inc's (>> HP Inc) $1.1 billion (£839 million) purchase of Samsung Electronics' (>> Samsung Electronics Co Ltd) printer business with certain restrictions, citing concerns about the U.S. firm's dominance of the domestic laser printer market.

HP announced the deal in September 2016, hoping to disrupt the $55 billion copier market by focussing on multifunction printers and more deeply embedding mobile and cloud printing technologies to its product solutions.

It hoped at the time to close the transaction within 12 months, pending regulatory review.

In a statement issued late on Thursday, the Ministry of Commerce said sale of A4 format laser printers by HP in China should be done on "fair and reasonable" terms and the firm must report every six months on their prices and related data to the ministry.

HP must not buy any stakes in other A4 printer manufacturers in China even if they are a minority equity investment, it said.

It must not adapt its printers to restrict compatibility with third-parties or claim in advertising that its printers are not compatible with other suppliers, the ministry said.

HP expects to close the acquisition in the fourth quarter which ends on Dec. 31, a spokeswoman said in an email. She declined to comment on the regulatory process.

Samsung was not immediately available for comment.

Under the deal, HP would add an intellectual property portfolio of more than 6,500 printing patents and nearly 1,300 researchers and engineers with expertise in laser printer technology, imaging electronics and printer supplies.

(Reporting by Josephine Mason and Stella Qiu; Editing by Muralikumar Anantharaman)

Stocks treated in this article : Samsung Electronics Co Ltd, HP Inc
Stocks mentioned in the article
ChangeLast1st jan.
HP INC 0.60% 25.16 Delayed Quote.19.75%
SAMSUNG ELECTRONICS CO LTD --End-of-day quote.
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Financials (KRW)
Sales 2018 251 078 B
EBIT 2018 64 845 B
Net income 2018 48 279 B
Finance 2018 85 851 B
Yield 2018 3,12%
P/E ratio 2018 6,37
P/E ratio 2019 6,35
EV / Sales 2018 0,95x
EV / Sales 2019 0,82x
Capitalization 325 062 B
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Mean consensus OUTPERFORM
Number of Analysts 39
Average target price 65 524  KRW
Spread / Average Target 44%
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Hyun-Suk Kim Co-President, Co-CEO & Director
Dongjin Koh Co-President, Co-CEO & Director
Kinam Kim President, Co-CEO & Director
Hee-Chan Roh Chief Financial Officer
Jae-Yong Lee Director
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