Naver Financial delays Dunamu stock swap to Dec 31

The planned acquisition of cryptocurrency exchange operator Dunamu by Naver Financial has been delayed for a second time, with a new completion deadline of December 31, 2026. The deal, which would see the operator of South Korea's dominant Upbit exchange become a wholly owned subsidiary of the fintech arm of internet giant Naver, faces an extended regulatory review and uncertainty from pending legislation.

According to corporate disclosures, the extraordinary shareholders meeting required to approve the comprehensive stock swap has been rescheduled from August 18 to November 19. The swap itself, once slated for September 30, will now not occur before the end of the year. This follows a first delay announced in March, which moved the original June 30 target to September.

The companies cited a drawn-out review by South Korea's Fair Trade Commission under antitrust laws as the primary reason for the latest postponement. The transaction also requires approvals for changes in major shareholders under the Credit Information Act and the Specific Financial Transaction Information Act. Official filings warn that the deal could face further delays or be canceled outright depending on the...