Singapore’s competition regulator cleared South Korean conglomerate Hanwha Group’s S$790.6 million ($589.30 million) takeover offer for oil contractor Dyna-Mac (DMHL.SI), on 15 Nov, 2024.
The acquisition will provide Hanwha access to Dyna-Mac’s two oil and gas manufacturing facilities in Singapore, along with its floating production storage and offloading vessels.
The deal was “unlikely to lead to a substantial lessening of competition in the supply of offshore plants,” Singapore’s Competition and Consumer Commission (CCCS) said in a statement.
The CCCS has assessed that the proposed transaction, if effective, will not contravene the prohibition under section 54 of the Singapore Competition Act 2004, which prohibits mergers that are likely to substantially reduce competition in any market in Singapore.
Hanwha currently has a 25.4 per cent stake in Dyna-Mac. Under Hanwha’s acquisition plan, Hanwha Ocean and Hanwha Aerospace will make a cash acquisition through Hanwha Ocean SG Holdings, a special purpose vehicle in Singapore, to gain management control of Dyna-Mac. This transaction is scheduled to close by the end of 2024.
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Source: Reuters
