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Hanwha Group just received another approval for its takeover of Daewoo Shipbuilding & Marine Engineering Co. (DSME). The latest country to hand down a “go ahead” signal is the European Union.
The DSME is one of the largest shipbuilders in South Korea, and the Hanhwa Group is planning to acquire it. However, it must first get the approval of regulators from some countries, and with the EU’s approval, it has now brought Hanhwa closer to the completion of its acquisition.
As per Pulse News, several business insiders revealed that although it was only reported now, the European Commission actually approved the acquisition on March 31. EU’s decision came earlier than expected because it was already stated before that the preliminary review results are set to be released on April 18.
It was last year when Hanwha Group agreed to acquire managerial control rights at Daewoo Shipbuilding company for KRW2 trillion or $1.5 billion. The huge investment will give the Seoul-based conglomerate a 49.3% stake in the DSME once all local and international anti-trust regulators approve the deal.
Previously, the EU rejected the merging of Korea Shipbuilding & Offshore Engineering Co. (KSOE) and Daewoo Shipbuilding citing concerns over their monopoly in the building of liquefied natural gas vessels. But this time, the EU approved of Hanwha Group’s takeover.
The United Kingdom is now expected to approve the deal as well after the EU’s decision was revealed. At this point, Hanhwa has already received the green light from Turkey, Vietnam, Japan, Singapore, and China.
Finally, Yonhap News Agency reported that South Korea's Fair Trade Commission has yet to hand out its decision. The antitrust regulator has been reviewing the deal since December 2022 but it has not given a clear indication regarding its position - if it will allow Hanhwa Group’s takeover of DSME or not. Then again, the FTC may release the result of its review soon because its deadline to do so is approaching.
