LG Chem, Ltd. (KOSE:A051910) said in a regulatory filing that it was considering acquiring Woongjin Chemical Co., Ltd. (KOSE:A008000) but that the details were yet to be finalized. Other competitors for Woongjin Chemical include Cheil Industries Inc. (KOSE:A001300); Hyosung Corp. (KOSE:A004800); Huvis Corporation (KOSE:A079980); TK Chemical Corporation (KOSE:A104480); Toray Advanced Materials Korea Inc.; and GS Holdings Corp.

(KOSE:A078930). Toray Advanced Materials and Huvis have already made their bids official by selecting principal underwriters for the transaction. About 56% percent of Woongjin Chemical is up for sale out of which 46.3% is owned by Woongjin Holdings Co., Ltd. (KOSE:A016880) and 9.91% held by Chairman Yoon Seok-keum's children.

Woongjin Chemical shares surged 5.37% in 10 minutes after the market opened upon expectations of a takeover, and closed at KRW 9,750, up 2.74%.