A PYMNTS Company

South Korea: Hyundai starts process to earn approval on Daewoo takeover

By  |  July 1, 2019
Hyundai Heavy Industries Group, a major South Korean shipbuilding conglomerate, said Monday it has officially started the process to earn approval from anti-trust regulators for its proposed takeover of Daewoo Shipbuilding and Marine Engineering.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    Hyundai Heavy said it has submitted a request for formal approval from South Korea’s Fair Trade Commission (FTC) and has decided to make similar requests to antitrust watchdogs in Japan, China, Kazakhstan and the European Union. The shipbuilder said it will submit additional bids to other countries.

    In March, Hyundai Heavy signed a formal deal, worth an estimated 2 trillion won (US$1.7 billion), with the state-run Korea Development Bank (KDB) to buy the smaller local shipbuilder. The bank is the largest shareholder of Daewoo, with a controlling 55.7-percent stake in the company.

    Full Content: YNA

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.