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Hanwha Group is planning to take over Daewoo Shipbuilding & Marine Engineering Co. (DSME), and it was reported that it had received the approval of Singapore and China for the completion of the acquisition.
As Hanhwa Group gained the crucial nod from the two countries, it now just needs the go-ahead signal from South Korea and European to proceed with its DSME takeover. The two regions have yet to decide whether to allow the acquisition or not, and they are expected to hand down their decision very soon.
As per Yonhap News Agency, the approval from China and Singapore followed shortly after Vietnam also backed Hanhwa Group’s buyout plans of the leading South Korean shipbuilding company.
It was in September of last year when the business group announced its plan to buy the struggling shipbuilder. Turkey was the first to give its consent, and Britain and Japan also agreed to the buyout.
Based on the reports, the EU is expected to announce its decision after reviewing the deal on April 18. As for the Fair Trade Commission (FTC) of South Korea, it has not provided a date or timeline for the release of its position regarding Hanhwa’s purchase of DSME.
The local FTC started the review of the takeover on Dec. 19, 2022. Typically, the deliberation can last a month, and it can be extended up to 120 days, which means it has to decide until April.
Meanwhile, The Korea Economic Daily reported that it was stated in the regulatory filings of DSME and Hanhwa that the latter would buy new shares that would be issued by the former instead of the existing shares.
In the memorandum of understanding (MOU) between the companies, which was signed earlier this week, Hanwha will acquire a 49.3% stake plus managerial control of DSME. Once the deal is completed, the Korea Development Bank (KDB) will hold a 28.2% stake in DSME, down from the original 55.7%.
