Hanwha Group “accepted conditional approval of the acquisition of Daewoo Shipbuilding by the Fair Trade Commission”

Hanwha Group “accepted conditional approval of the acquisition of Daewoo Shipbuilding by the Fair Trade Commission”: COMPANY / Reporter Kim Jisun / 2023-04-27 21:58:51

This article is translated by AI company Flitto and Alhpa Biz neural machine translation technology

대우조선해양_한화 (사진=대우조선해양)

[Alpha Biz=(Chicago) Reporter Kim Jisun] "We decided to accept the authorities' decision in terms of normalizing the management of Daewoo Shipbuilding & Marine Engineering Co., whose management performance has deteriorated despite management restrictions under conditional approval, and strengthening its national competitiveness by fostering key industries," Hanwha Group said on the Fair Trade Commission's decision on the 27th.

The FTC decided earlier in a plenary session on the 26th that five Hanwha affiliates, including Hanwha Aerospace, will approve the business combination, which will acquire 49.3% of shares of Daewoo Shipbuilding, as a condition for imposing corrective measures.

Hanwha plans to comply with corrective measures, including a ban on price and information discrimination on some of the ship's parts proposed by the FTC. It also plans to complete the acquisition process quickly next month after participating in Daewoo Shipbuilding's paid-in capital increase and appointing directors through shareholders' meetings.

As a result, Daewoo Shipbuilding & Marine Engineering Co. will be the first anchor to normalize its operations 22 years after its workout in 2001. It has been 15 years since Hanwha first attempted to acquire Daewoo Shipbuilding in 2008.

Hanwha Ocean and Hanwha Shipbuilding & Marine Engineering are mentioned as new missions, but Hanwha Ocean is known to be more likely among them. Kwon Hyuk-woong, a close aide to Chairman Kim Seung-yeon, Hanhwa's general manager of support division, and others are mentioned as the first CEO.