Nasdaq Proposes Fast-Track Rule to Accelerate Index Inclusion for Major New Listings 
Nintendo Shares Slide After Earnings Miss Raises Switch 2 Margin Concerns 
Australia’s December Trade Surplus Expands but Falls Short of Expectations 
SpaceX Prioritizes Moon Mission Before Mars as Starship Development Accelerates 
Baidu Approves $5 Billion Share Buyback and Plans First-Ever Dividend in 2026 
U.S.-India Trade Framework Signals Major Shift in Tariffs, Energy, and Supply Chains 
South Korea’s Weak Won Struggles as Retail Investors Pour Money Into U.S. Stocks 
U.S. Stock Futures Edge Higher as Tech Rout Deepens on AI Concerns and Earnings 
Oil Prices Slide on US-Iran Talks, Dollar Strength and Profit-Taking Pressure 
Australian Scandium Project Backed by Richard Friedland Poised to Support U.S. Critical Minerals Stockpile 
Thailand Inflation Remains Negative for 10th Straight Month in January 
Asian Stocks Slip as Tech Rout Deepens, Japan Steadies Ahead of Election 
Silver Prices Plunge in Asian Trade as Dollar Strength Triggers Fresh Precious Metals Sell-Off 
China Extends Gold Buying Streak as Reserves Surge Despite Volatile Prices 
Oil Prices Slip as U.S.–Iran Talks Ease Supply Disruption Fears 
Gold and Silver Prices Slide as Dollar Strength and Easing Tensions Weigh on Metals 
Fed Governor Lisa Cook Warns Inflation Risks Remain as Rates Stay Steady 
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.
