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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.

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

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