June 28 (Reuters) - French chemicals group Arkema announced on Wednesday a proposed acquisition of a 54% stake in South Korean company PI Advanced Materials (PIAM) , for 728 million euros ($797.2 million).

The deal should be finalised by the end of 2023, the company said. ($1 = 0.9132 euros) (Reporting by Michal Aleksandrowicz in Gdansk; Editing by Jacqueline Wong)