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This is an archive article published on April 2, 2013

Samsung Group unit Cheil Ind considering buying Novaled AG

The Dresden-based company was expected to fetch around 300 billion won 270 million.

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Cheil Industries Inc,an electronic material,chemical and textile unit of the Samsung Group,said on Tuesday it is considering buying German high-tech lighting company Novaled AG.

Reportedly,the Dresden-based company was expected to fetch around 300 billion won 270 million,citing an unnamed source attached to the deal.

Cheil8217;s announcement came after South Korea8217;s Doosan Co Ltd also said it was looking at acquiring the organic light-emitting diode OLED maker.

Novaled,which is already backed by Samsung Group8217;s venture capital arm Samsung Venture Investment,filed for an initial public offering last year with U.S. regulators.

 

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