Hanwha-Daewoo takeover

▲ This photo shows the Okpo Shipyard of Daewoo Shipbuilding & Marine Engineering Co. (DSME) on Geoje Island, 330 kilometers southeast of Seoul, on Dec. 16, 2022. (Yonhap)

Hanwha-Daewoo takeover

Hanwha gets nod from EU for Daewoo Shipbuilding takeover

SEOUL, April 3 (Yonhap) -- Hanwha Group has received approval from the European Union for its plan to acquire Daewoo Shipbuilding & Marine Engineering Co. (DSME), company officials said Monday.

The EU's decision came earlier than expected, as it was widely expected to deliver the result of its review in mid-April.

Hanwha has obtained the approval from Turkey, Britain, Japan and Vietnam since its takeover announcement in September last year. China and Singapore gave the green light last month.

South Korea's Fair Trade Commission (FTC) has not given a clear position or timeline for its decision.

The South Korean antitrust regulator began to review the takeover plan on Dec. 19 last year. Deliberation on such matters in South Korea usually takes about a month, and it can be extended up to 120 days.

Hanwha signed an initial agreement with DSME for the acquisition through a 2 trillion-won (US$1.53 billion) rights offering.

A formal agreement was clinched in December, under which Hanwha Aerospace and five other Hanwha affiliates will acquire a 49.3 percent stake and managerial control in DSME.

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