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Hanhwa Group has taken another step to complete its deal to acquire the Daewoo Shipbuilding & Marine Engineering Co. (DSME), which is the third largest shipbuilder in the world. This means that the company is also inching closer to becoming a major civil defense power that will soon rule the land, air, and sea.
As per Pulse News, Hanwha Group is set to sign the final agreement contract on Dec. 12, Monday. This will give the company 49.3% stake ownership in DSME and earn management rights as well.
Business insiders shared that the South Korean conglomerate is acquiring the shipbuilder for an estimated amount of KRW2 trillion, which is about $1.5 billion in US dollars. The results of the final legal review are expected to be released soon, while due diligence for the deal was already completed recently.
It was three months ago when the preliminary agreement was signed, and Hanhwa Group has carried out a six-week due diligence on DSME since then. After the review, the company did not find anything out of the ordinary, so the deal is proceeding with the KRW2 trillion price remaining unchanged.
Hanwha Group is very confident about financing its acquisition of DSME despite the high price tag. It has also offered to purchase new common shares that were issued by the shipbuilder, which will be taken up by its affiliates.
To be more specific, Hanwha’s aerospace unit will contribute up to KRW1 trillion, while Hanwha Systems Co. is willing to put in KRW500 billion. Additionally, Hanwha Impact Corp. will provide KRW400 billion, and three other units at Hanwha Energy will contribute KRW100 billion.
The deal between Hanhwa Group and DSME was first reported at the end of September. The company expressed willingness to take over the debt-ridden Daewoo Shipbuilding & Marine Engineering (DSME) and agreed to a conditional sale at that time.
"We have judged having a competent private party to run DSME will fundamentally resolve financial problems concerning the firm, and accordingly, we have been searching for a qualified candidate since January," Kang Seog Hoon, the chairman and chief executive officer of the Korea Development Bank, said back in September regarding the acquisition.
He added, "Under the circumstances, we've been searching for a candidate that is proven in terms of management and financial soundness and that's when Hanwha Group expressed its interest in buying DSME."
