KSOE extends deadline for DSME acquisition January 26, 2021, by Jasmina Ovcina Korea Shipbuilding & Offshore Engineering (KSOE), a shipbuilding holding company of Hyundai Heavy Industries Group, has extended the deadline for the acquisition of shares in compatriot Daewoo Shipbuilding and Marine Engineering (DSME) amid regulatory delays.
The mega-merger deadline has been extended from September 2020 to June 2021 after KSOE signed a contract amendment with DSME on January 22, 2021.
Hyundai Heavy Industries Holdings and Korea Development Bank signed a shares acquisition agreement to sell the bank’s shares in DSME in January 2019. The proposed tie-up will see HHI take over Geoje-based DSME from Korean state lender KDB, the majority shareholder owning a 55.7 percent stake in the company.
Ruling on Doosan Infracore s China unit amplifies uncertainties
Posted : 2021-01-11 16:32
By Baek Byung-yeul
Attention is growing over lawsuits involving Doosan Infracore s Chinese subsidiary Doosan Infracore China Co. (DICC) as the legal battle between the construction equipment s Chinese unit and its investors will begin at the Supreme Court, Jan. 14.
The court ruling is expected to decide the fate of Doosan Group s corporate restructuring plan as the group s construction arm Doosan Heavy Industries & Construction put its stake in Doosan Infracore up for sale as part of its self-rescue effort. Doosan Heavy Industries & Construction is the largest shareholder of Doosan Infracore, owning a 35.4 percent stake.
By Kim Yoo-chul
China s anti-trust agency has approved the merging of Korea s top two shipbuilders, initiated by Hyundai Heavy Industries Holdings (HHIH), saying the acquisition would not hurt fair competition with the new entity s rivals, HHIH said Monday. The State Administration for Market Regulation (SAMR) notified us that the takeover plan will not hurt fair market competition. SAMR has issued unconditional approval for the combining of HHIH and Daewoo Shipbuilding and Marine Engineering (DSME), HHIH said.
After a thorough review under China s anti-trust law, the SAMR reached a consensus that HHIH taking over DSME won t limit the best interests of market players, company officials added.
Doosan Infracore s Excavator Sales in China on Roll This Year koreabizwire.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from koreabizwire.com Daily Mail and Mail on Sunday newspapers.
Deal faces potential challenges from Korea’s monopoly regulations, and the fate of Doosan Bobcat is uncertain
December 11, 2020
Doosan Group selected Hyundai Heavy Industries Holdings as the preferred bidder for a 36.07% controlling stake in Doosan Infracore Co. The Korea Economic Daily’s sources say the deal would combine Hyundai Construction Equipment Co. and Doosan Infracore to make the seventh-largest global market share, a size similar to Volvo, Hitachi and Liebherr, among the world’s construction equipment manufacturers.
Pulsenews.co.kr reports Hyundai’s bid was nearly 900 billion won ($827.8 million).
The sale of Doosan Infracore is part of the restructuring process for Doosan Heavy Industries & Construction, which was facing a 4.2 trillion won debt load scheduled to come due before the end of the year. The power plant builder took a major hit when the South Korean government chose to depart from nuclear and coal power.