Amidst persistent rumors, Tencent is once again saying reports of Nexon acquisition plans are false 

Chinese entertainment giant Tencen doubles down on false reports about it planning to acquire Nexon shares.

Tencent made a statement on July 2 debunking reports about it planning to acquire shares in South Korean game developer Nexon (source: ThisIsGame). This is the second time Tencent has spoken out about the false reports. 

On June 12, Bloomberg reported that Tencent reached out to the family of Nexon’s late founder Jung-Ju Kim to discuss the possibility of an acquisition, citing anonymous sources. From there, media and economic circles speculated that Tencent might be planning to acquire the 30.6% stake Kim’s family members handed to the Korean government in 2023 to settle an inheritance tax bill. 

Tencent denied this on June 18 (source: Reuters), but as rumors have persisted among international and Korean media (even affecting Nexon’s share price), the conglomerate has doubled down, commenting “In principle, we do not comment on rumors, […] but given the various speculations circulating in Korea recently, we would like to clarify that the reports [regarding the acquisition of Nexon] are untrue.”

While the Korean government has indeed started looking for a buyer for its 30.6% stake in Nexon, Tencent is not participating in the bidding process. 

On the other hand, Tencent has a strong presence in other South Korean game companies – with a 34.58% stake in Stellar Blade studio Shift Up and a 13.87% stake in Krafton. Moreover, in 2019, it formed a consortium with Korea’s Netmarble to bid for the acquisition of Nexon, which could be why people believe they’re still interested in a deal.

Amber V
Amber V

Editor-in-Chief since October 2023.

She grew up playing Duke Nukem and Wolfenstein with her dad, and is now enamored with obscure Japanese video games and internet culture. Currently devoted to growing Automaton West to the size of its Japanese sister-site, while making sure to keep news concise and developer stories deep and stimulating.

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