Samsung Life to sell $925 mln Samsung Electronics stake -report (updated)

Samsung Life Insurance

30/05/2018 07:41

(Adds regulatory call for ownership restructuring, shares)
    SEOUL, May 30 (Reuters) - Samsung Life Insurance Co Ltd
 032830.KS  plans to sell part of its shares in Samsung
Electronics Co Ltd  005930.KS  worth 1 trillion won ($925.75
million), local media reported on Wednesday.
    ChosunBiz cited an unidentified finance industry source as
saying Samsung Life's board had passed the sale plan.
    An official at Samsung Life said he was checking the report.
    The block deal, if confirmed, would come after South Korea's
antitrust chief called on Samsung Group  SAGR.UL , the country's
biggest conglomerate, to streamline its cross-shareholding
structure which he said was "not sustainable".  urn:newsml:reuters.com:*:nL3N1SH21G
    However, the group will need to find a way to simplify its
complex ownership without weakening the founding family's grip
on 62 affiliates that have $375 billion in assets.
    The biggest issue in any restructuring relates to Samsung
Life's 8.63 percent stake, worth around $26 billion, in Samsung
Electronics.
    In April, Samsung SDI Co Ltd  006400.KS  sold $526 million
worth shares in affiliate Samsung C&T Corp  028260.KS  to reduce
cross-shareholding ties and secure funds for investment.
    Shares in Samsung Electronics fell 3.5 percent while those
of Samsung Life gained 0.9 percent.
    ($1 = 1,080.2000 won)

 (Reporting by Ju-min Park; Editing by Christopher Cushing)
 ((ju-min.park@thomsonreuters.com; +82 2 3704 5650; Reuters
Messaging: ju-min.park.thomsonreuters.com@reuters.net))