CJ shares surged early on the 5th. This is interpreted as being influenced by the news that CJ has initiated the merger procedure with CJ Olive Young.
As of 9:29 a.m., CJ shares are trading at 183,200 won, up 10.69% (17,700 won) from the previous day in the securities market.
This seems to be influenced by the news that CJ has entered the merger procedure with CJ Olive Young. Reports emerged that CJ recently commissioned a valuation for the merger with CJ Olive Young from an accounting firm.
Earlier last week, it was reported that Lee Sun-ho, the son of CJ Group Chairman Lee Jae-hyun, transferred to the holding company after six years as the head of the food growth promotion division at CJ CheilJedang. This led to interpretations that a management succession may be imminent. The merger between the holding company CJ and CJ Olive Young is being mentioned as a likely succession scenario.
Meanwhile, CJ stated, "The report in a media outlet regarding the commencement of the valuation process for the merger between CJ and CJ Olive Young is completely false," and noted, "CJ Group has not conducted any work related to the merger of the two companies."