Investors in both companies cleared the way for the merger, which will see the new operation control $23.7bn in assets.

Shareholders of Samsung Engineering will get 2.36 shares in SHI for each of their shares, with the combination set for completion on 1 December, the Yonhap news agency reported.

The merger was opposed by the National Pension Fund, which abstained, but the plan received overwhelming support from other shareholders.

Samsung