Hyundai Heavy Industries stated it was working with Singaporean regulators to alleviate concerns of its US$2 billion merger with rival shipbuilder Daewoo crimping competition in the Southeast Asian maritime hub.
Plans to combine the world’s two biggest shipbuilders announced in January require regulatory approval in South Korea, Singapore, China, Japan, Kazakhstan, and the European Union, a Hyundai spokesman told Reuters. So far, only Kazakhstan has approved the deal, he said.
“We believe Singaporean authorities are taking a cautious approach to make a decision about the deal between the two big market players,” the spokesman said.
“We will do our best to complete this well,” he said, referring to Singapore’s review. He did not give details on how the firm is addressing Singapore’s concerns.
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