Samsung\\\'s shipbuilding, engineering units to merge

SEOUL, Sept 1 (AFP) :  The shipbuilding and engineering units of South Korea's Samsung group said Monday they would merge, as the family-run giant gears up for generational ownership succession.

The board members of Samsung Heavy Industries, the world's third-largest shipmaker, and Samsung Engineering had approved the tie-up via a share swap, said a joint statement.

Shareholders at the engineering unit will be given 2.36 shares in the shipbuilder, it said, adding the deal would be finalised by December.

The two firms hope to achieve total sales of 40 trillion won ($39.4 billion) by 2020 from 25 trillion won in 2013, it said.