"The acquisition process has been completed and they will come in within a week," said the source, referring to a possible change in management. "We are still not sure what changes to expect."
Honam, South Korea's second largest ethylene maker, had announced the acquisition of Malaysia's biggest chemicals maker Titan July 16. The deal involved buying a 73% stake in Titan from the Chao Group and a Malaysian state-run fund.
Honam also plans to buy more Titan shares in the market to boost its stake to 100%. The total cost of the acquisition is expected to be Won 1.5 trillion ($1.28 billion).
Titan is Malaysia's premier and largest integrated olefins and polyolefins producer, and one of the top 30 companies in Malaysia by asset size, according to Honam.
It has a capacity to make 1.2 million of olefins, 1.5 million mt of polyolefins, 0.2 million mt of aromatics, 0.1 million mt of butadiene and 38,000 mt of BOPP film through facilities and plants located in Malaysia and Indonesia.
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