The Korea Development Bank (KDB) has announced that Hanwha Group officially acquired Daewoo Shipbuilding & Marine Engineering (DSME) in a deal worth KRW2trn ($1.5bn) .Hanwha Group now owns a 49.3% controlling stake in the giant shipbuilder.
“Several structural changes to DSME’s finances will be made through this acquisition, laying the groundwork for the normalization of the company’s operations,” KDB stated.
The merger still needs to be approved by South Korea’s Fair Trade Commission and similar bodies around the world.
