SEOUL, Oct 10 (Reuters) A daughter of Samsung Group Chairman Lee Kun-hee and Samsung Corp will jointly buy BP's shares in a petrochemical joint venture between the UK and South Korean firms for $70 million, the group said Wednesday.
The deals come after Samsung Group said in August it was considering buying out BP's 47.4 percent stake in Samsung Petrochemical after it had tried to find a strategic buyer.
Lee Boo-jin, a vice president of Hotel Shilla and the second eldest of Lee's three children, is buying a 33.2 percent stake in unlisted Samsung Petrochemical Co Ltd.
Trading and construction company Samsung Corp will purchase the remaining 14.2 percent.
The acquisition price is set at $37.23 per share, totalling $70 million.
BP said last year it wanted to sell its stake in the venture.
The UK company is the world's largest producer of purified terephthalic acid (PTA), the raw material used for polyester.
''Three units (of Samsung Group) had studied buying additional shares in the venture, but Samsung Electronics and Cheil Industries found it difficult to carry out for their own reasons,'' the group spokesman Yim Jun-suk said by telephone.
''So, the owner family decided to take the stake.'' Three units of the country's top business group -- Samsung Electronics, Samsung Corp and Cheil Industries -- had already owned a combined 47.4 percent in Samsung Petrochemical. Retailer Shinsegae Co Ltd holds the remaining 5.2 percent stake.
With the deal, if it goes through, Lee will become the single largest shareholder in the petrochemical company, followed by Samsung Corp with a 27 percent stake.
It was not clear yet whether Lee's stock purchase was aimed at making short-term investment gains or participating in its management.
($1=916.2 Won) REUTERS MP KN1525