DSME merger delayed

Korea Shipbuilding & Offshore Engineering (KSOE), the holding company of Hyundai Heavy Industries Group, has revised a contract with Korea Development Bank (KDB) to extend the deadline for the takeover of Daewoo Shipbuilding & Marine Engineering (DSME) due to prolonged anti-trust review processes taking place around the world.

KSOE said it will extend the deadline for the investment contracts signed with KDB to June 30 and the deadline for acquiring DSME’s shares to December 31.

The merger, which would create a shipbuilding giant with a global orderbook of around one in five ships deadweight-wise, has been approved in many countries including China and Singapore, but is being held up by the European Commission, where it has stalled thanks in large part to the spread of Covid-19. 

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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