S. Korean petrochemical firms import more naphtha from UAE, India, Qatar, Bahrain, Pakistan amid Russia sanctions
Uber adds the world’s first reindeer sleigh rides to its services in Finland in time for the holidays
Apple mulls transfer of iPhone production to Vietnam or India after violent protests, riots in China factory
Hanwha eyes 49.3% stake in Daewoo Shipbuilding
Hanwha Group signed a conditional memorandum of understanding to acquire a 49.3 percent stake and managerial control of Daewoo Shipbuilding & Marine Engineering Co. (DSME)
The acquisition of DSME, the world’s fourth-largest shipbuilder, boosts Hanwha’s key defense and green energy sectors.
Hanwha Aerospace Co., Hanwha Systems Co., and four other Hanwha affiliates will take part in the 2 trillion won rights offering to acquire the DSME shares.
Hanwha is South Korea’s seventh-largest conglomerate.
The Korea Development Bank (KDB), DSME’s main creditor, will hold a 28.2 percent stake in the shipyard, down from the current 55.7 percent.
Past sales attempts by KDB fell through, including Hanwha’s first bid in 2008 to buy DSME for 6.32 trillion won in the wake of the global financial crisis.