It was found that the reason the completion of the comprehensive stock exchange for the merger between Naver Financial, a subsidiary of Naver (NAVER), and Dunamu was postponed by three months was the Korea Fair Trade Commission's request for additional data. Because the Naver Financial–Dunamu merger is a combination between large corporations, the timetable for the combination could be pushed back further if requests for data continue.
According to the financial sector on the 1st, the Korea Fair Trade Commission (FTC) has repeatedly requested additional data during its review of the corporate combination between Naver Financial and Dunamu. Under current law, a corporate combination review runs for 30 days from the date of filing, and if necessary can be extended up to 90 days, for a total of 120 days. However, when the Korea Fair Trade Commission (FTC) asks for additional data, the time taken to review those materials is not included. The corporate combination review for Naver Financial and Dunamu began on Nov. 28 last year and has been underway for more than 120 days to date.
An official at the Korea Fair Trade Commission (FTC) said, "The Naver–Dunamu case is a combination between large corporations, so we are examining it more carefully. If needed, we plan to request more additional data."
Typically, reviews of large-scale corporate combinations have taken much longer than 120 days. The Korean Air Lines and Asiana Airlines merger is a prime example. The two companies began undergoing a corporate combination review in January 2021, and it did not conclude until December 2024. At that time, the two companies' corporate value totaled a little over 5 trillion won. As of November last year, the corporate value of Naver Financial and Dunamu was about 20 trillion won.
The major shareholder eligibility review underway at the Financial Services Commission has also not yet concluded. After the stock exchange, Naver Financial will own 100% of Dunamu, so the Financial Services Commission is conducting a review of Naver Financial's eligibility as a major shareholder. A Naver Financial official said, "We are faithfully carrying out the necessary procedures."