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The Fair Trade Commission (FTC) granted only conditional approval on Thursday for Hanwha Group's acquisition of Daewoo Shipbuilding & Marine Engineering (DSME), accepting the demands from the shipbuilder's rivals to ban the conglomerate from unfairly excluding other companies from the local warship market.
The battle between Hanwha and HD Hyundai over the acquisition of Daewoo Shipbuilding & Marine Engineering (DSME) is about to come to an end. The Fair Trade Commission (FTC) said it will decide on April 26 whether to approve Hanwha's acquisition, via a 2-trillion-won rights offering, of the world's third-largest shipbuilder in terms of orders.
HD Hyundai Construction Equipment, a subsidiary of HD Hyundai, has been embroiled in a conflict with Greenpeace, due to its excavators accounting for the largest proportion of construction equipment used for illegal gold mining in indigenous lands in the Amazon.
The Defense Acquisition Program Administration (DAPA) told the Fair Trade Commission (FTC) last week that Hanwha Group's acquisition of Daewoo Shipbuilding & Marine Engineering (DSME) will not restrict competition in the warship market, according to government officials, Tuesday.
Samsung Heavy Industries is facing skepticism about its competitiveness, after its rivals decided recently to acquire manufacturers of engines for ships, in order to vertically integrate their shipbuilding supply chains, according to industry officials, Monday. Although the shipbuilding subsidiary of Samsung Group seeks to survive through its capability of building higher value-added offshore plants, industry officials point out that Korea's shipbuilding industry could be reorganized in the long run, under the leadership of Hanwha and HD Hyundai.