Austan Goolsbee Signals Potential for More Fed Rate Cuts as Inflation Shows Improvement 
Chinese Robotaxi Stocks Rally as Tesla Boosts Autonomous Driving Optimism 
Volaris and Viva Agree to Merge, Creating Mexico’s Largest Low-Cost Airline Group 
Asian Stocks Slide as AI Spending Fears and Global Central Bank Decisions Weigh on Markets 
Asian Currencies Slip as Dollar Strengthens; Indian Rupee Rebounds on Intervention Hopes 
Japan Exports to U.S. Rebound in November as Tariff Impact Eases, Boosting BOJ Rate Hike Expectations 
Trump Administration Reviews Nvidia H200 Chip Sales to China, Marking Major Shift in U.S. AI Export Policy 
Oil Prices Climb on Venezuela Blockade, Russia Sanctions Fears, and Supply Risks 
LG Energy Solution Shares Slide After Ford Cancels EV Battery Supply Deal 
TikTok U.S. Deal Advances as ByteDance Signs Binding Joint Venture Agreement 
Trump Signals Push for Lower Health Insurance Prices as ACA Premium Concerns Grow 
New Zealand Business Confidence Hits 30-Year High as Economic Outlook Improves 
Japan Inflation Holds Firm in November as BOJ Nears Key Rate Hike Decision 
ANZ New CEO Forgoes Bonus After Shareholders Reject Executive Pay Report 
Singapore Growth Outlook Brightens for 2025 as Economists Flag AI and Geopolitical Risks 
Oil Prices Steady in Asia but Headed for Weekly Loss on Supply Glut Concerns 
Kevin Hassett Says Inflation Is Below Target, Backs Trump’s Call for Rate Cuts 
Hanhwa Group is looking to acquire a controlling stake in STX Heavy Industries thus, it reportedly placed its bid for the asset. Business insiders are predicting that the business conglomerate will buy at least 47.81% share from Pinetree Partners private equity fund firm.
According to Korea Joongang Daily, Hanwha Group made a preliminary bid to buy a stake in the said South Korean ship engine manufacturer that also makes tools for shipbuilding. Pinetree Partners is the largest shareholder of STX Heavy Industries; thus, Hanhwa is buying shares from it.
Based on the reports, the acquisition deal could be valued at an estimated KRW100 billion or around $78.7 million. It was revealed that STX Heavy Industries’ current market cap stands at KRW200.9 billion as of Tuesday this week.
In any case, while the bid was already reported by the media, Hanwha Group has yet to confirm this report. If the company is indeed buying a stake, one of its possible competitors for the deal is the Korea Shipbuilding and Offshore Engineering Co. Ltd. (KSOE) which is a sub-holding company of HD Hyundai.
The shipbuilding firm was said to have submitted a letter of intent (LOI) to join the preliminary bidding on Dec. 16. Hanhwa’s bid for STX Heavy Industries comes not long after it signed a KRW2 trillion deal to buy a stake in Daewoo Shipbuilding and Marine Engineering (DSME).
It was said that Hanwha Group is aiming to close the deal with DSME by next year. Once it has successfully acquired the troubled shipbuilder, Hanhwa is adding STX Heavy Industries to its portfolio as a strategy for strengthening its business in the shipbuilding industry.
Hanwha is set to become DSME’s largest stakeholder with the 49.3% share it will own. The acquisition of the shipbuilder is expected to be completed within the first half of 2023.
