Samsung Group [SAGR.UL] heir apparent Jay Y. Lee will take over from his father Lee Kun-hee as head of two key foundations, the conglomerate said on Friday, suggesting that a transfer of leadership is underway at South Korea's largest conglomerate.
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Samsung Group heir apparent Jay Y. Lee is moving to acquire small stakes in two of the group's financial firms, which analysts say will help the scion solidify control of South Korea's largest conglomerate as a succession looms.
Samsung Heavy Industries will absorb Samsung Engineering for about $2.5 billion, the latest step in a restructuring at South Korea's largest conglomerate that has accelerated since the controlling Lee family's patriarch was hospitalized in May.