South Korean shipbuilding conglomerate Hyundai Heavy Industries (HHI) Group has officially started the process to earn approval from anti-trust regulators for its proposed takeover of Daewoo Shipbuilding and Marine Engineering Co. (DSME), reports MarineLink.
Request for FTC approval
HHI has submitted a request for the formal approval from the South Korea’s Fair Trade Commission (FTC), as well as from antitrust authorities in Japan, China, Kazakhstan and the European Union.
The shipbuilding major would submit further requests for approval to other countries.
Merger with DSME
Meanwhile, Hyundai Heavy Industries Group completed the spinoff of Hyundai Heavy Industries Co. into Korea Shipbuilding & Offshore Engineering Co. (KSOE) and Hyundai Heavy Industries (subsidiary) in June.
KSOE announced on July 1 that it has submitted an application for merger with DSME to South Korea’s Fair Trade Commission (FTC).
FTC to review the deal
The FTC will make a decision after having a comprehensive review of the possible impacts that the merger will have on the shipbuilding market.
FTC will review HHI’s deal for 30 days, though it can extend the review period to 90 days.
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Source: MarineLink
