Hyundai Heavy seeks anti-trust approval for its DSME takeover

Amid massive Asian shipbuilding consolidation, South Korea’s Hyundai Heavy Industries (HHI) has started the lengthy process of getting anti-trust regulators from across the world to approve its takeover of compatriot Daewoo Shipbuilding & Marine Engineering (DSME). HHI has submitted an application to merge with DSME to South Korea’s Fair Trade Commission (FTC) as well as with similar bodies across the world including Japan, the European Union and China.

Combined HHI and DSME will control 21% of the global shipbuilding orderbook. The merger has met enormous opposition from workers at the two yards, who have already seen around 30,000 workers laid off in recent years.

Earlier concern that the Chinese might make approval tricky for the merger has eased in recent days with news from Beijing that the country’s top two shipbuilding groups – CSIC and CSSC – are seeking to merge themselves, a massive consolidation that will also need approval from anti-trust regulators across the world.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
Back to top button