Hyundai Heavy expects merger with DSME to close in H1 2021

Photo: DSME

The chairman of Hyundai Heavy Industries Holdings (HHIH) has said that he expects the company’s planned acquisition of rival shipyard Daewoo Shipbuilding and Marine Engineering (DSME) will be completed during the first half of 2021.

Mr Kwon Oh-gap confirmed through his New Year’s message that HHIH’s acquisition of DSME from Korea Development Bank had encountered delays but will be finalised before the middle of the year.

The merger has an approximate value of US$1.8 billion and remains subject to approval from South Korean, Japanese, and EU anti-trust bodies. Approval for the transaction has already been given by China’s State Administration for Market Regulation.

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