South Korea’s shipbuilding group Hyundai Heavy Industries (HHI) has signed a formal deal to proceed with the acquisition of its smaller rival, Daewoo Shipbuilding & Marine Engineering (DSME).
The deal was signed on Friday with Korean state lender Korea Development Bank (KDB) and follows a conditional agreement the two parties reached in January.
The parties agreed that KDB, which holds a 55.7 percent stake in DSME with an estimated worth of KRW2.16 trillion (USD1.94 billion) will sell its stake.
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https://container-news.com/hyundai-proceeds-daewoo-acquisition/