RBI Holds Repo Rate at 5.25% as India’s Growth Outlook Strengthens After U.S. Trade Deal 
Nasdaq Proposes Fast-Track Rule to Accelerate Index Inclusion for Major New Listings 
Gold Prices Slide Below $5,000 as Strong Dollar and Central Bank Outlook Weigh on Metals 
SpaceX Pushes for Early Stock Index Inclusion Ahead of Potential Record-Breaking IPO 
Trump Signs Executive Order Threatening 25% Tariffs on Countries Trading With Iran 
SoftBank Shares Slide After Arm Earnings Miss Fuels Tech Stock Sell-Off 
Rio Tinto Shares Hit Record High After Ending Glencore Merger Talks 
Hims & Hers Halts Compounded Semaglutide Pill After FDA Warning 
Trump Backs Nexstar–Tegna Merger Amid Shifting U.S. Media Landscape 
Bank of Japan Signals Readiness for Near-Term Rate Hike as Inflation Nears Target 
South Korea Assures U.S. on Trade Deal Commitments Amid Tariff Concerns 
CK Hutchison Launches Arbitration After Panama Court Revokes Canal Port Licences 
Washington Post Publisher Will Lewis Steps Down After Layoffs 
Uber Ordered to Pay $8.5 Million in Bellwether Sexual Assault Lawsuit 
Baidu Approves $5 Billion Share Buyback and Plans First-Ever Dividend in 2026 
Nvidia CEO Jensen Huang Says AI Investment Boom Is Just Beginning as NVDA Shares Surge 
HD Korea Shipbuilding & Offshore Engineering is shelling out KRW81.3 billion or $63.5 million to buy STX Heavy Industries. The global leader in the shipbuilding business confirmed that it will acquire the Korea-based engines, core materials, and ship equipment manufacturer on Tuesday, Aug. 1.
According to The Korea Herald, HD Korea Shipbuilding & Offshore Engineering inked an agreement with Pinetree Partners private equity firm for the acquisition. It will buy the PEF company’s 6.52 million shares in STX Heavy Industries.
Moreover, it will also purchase an additional 5.36 million in newly issued shares. Once the transaction is completed, the shipbuilding firm will become the largest shareholder in STX Heavy Industries with its 35% stake.
After the acquisition, the shipbuilding subsidiary of HD Hyundai is planning to reinforce the management of STX Heavy Industries. It will also boost the engine and core materials manufacturer’s production capacity by bolstering the development of environmentally-friendly engine technology and building additional production lines for both diesel and dual-fuel engines.
“Combining HD Hyundai Heavy Industries’ engine technology with STX Heavy Industries’ eco-friendly engine technology will make us gain momentum in the fast-growing demand for clean transportation,” an official of HD Korea Shipbuilding & Offshore Engineering stated.
HD Korea Shipbuilding & Offshore Engineering aims to secure better production capability for small and mid-sized engines designed for ships. The company will focus on this business segment while also working on the manufacturing of engines for large container vessels.
In any case, STX Heavy Industries’ advanced turbocharger technology will help HD Korea Shipbuilding & Offshore Engineering in speeding up its local production of key engine parts. The merger will widen HD KSOE’s presence in the global sector, including China, as well.
Meanwhile, after the announcement of its acquisition of STX Heavy Industries, it was reported that the stock price of HD Korea Shipbuilding & Offshore Engineering has gone up by 0.97% to KRW124,500 at the closing bell from the previous day.
Photo by: famingjia inventor/Unsplash
