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Chinese Authorities Approve HHI-DSME Marriage
China has approved the merger between Hyundai Heavy Industries and Daewoo Shipbuilding & Marine Engineering.
The marriage between Hyundai Heavy Industries and Daewoo Shipbuilding & Marine Engineering (DSME) has cleared a major hurdle by obtaining unconditional approval from China. Now, it needs to get permits from authorities in Korea, the European Union and Japan.
Korea Shipbuilding & Offshore Engineering (KSOE), a shipbuilding arm of Hyundai Heavy Industries Group, said on Dec. 28 that it has recently been notified of unconditional approval by Chinese authorities regarding the company’s merger with DSME.
The State Administration for Market Regulation (SAMR) in China said in a notice that a review under Article 26 of the Anti-Trust Act of China has reached the conclusion that a business combination between the two companies would not restrict market competition.