South Korea's Hanwha Group signs deal to take over Daewoo Shipbuilding

Hanwha Investment&Securities Co

16/12/2022 08:43

By Hyunsu Yim
       SEOUL, Dec 16 (Reuters) - South Korea's Hanwha Group has
signed an agreement to take over Daewoo Shipbuilding & Marine
Engineering  042660.KS , Daewoo Shipbuilding said in a
regulatory filing on Friday. 
    The deal comes after the two parties signed a tentative
agreement in September in which affiliates of Hanwha Group
including Hanwha Aerospace Co Ltd  012450.KS  said they would
invest 2 trillion won ($1.53 billion) in return for a 49.3%
stake and management rights in Daewoo shipbuilding.
    Hanwha Group, South Korea's seventh-largest conglomerate
with 80 trillion won in assets, spans energy, defence and
financial industries.
    The takeover deal still needs to be approved by foreign
competition regulators, including in the European Union, Japan,
China and Singapore, according to the regulatory filing. 
    Earlier this year, rival Hyundai Heavy Industries'
 329180.KS  attempt to take over Daewoo was vetoed by the EU
over concerns the deal, which would have created the world's
largest shipbuilder, would hurt competition.
    ($1 = 1,309.6900 won)
 (Reporting by Hyunsu Yim
Editing by Mark Potter)
 ((Hyunsu.Yim@thomsonreuters.com;))