< South Korea's largest heavy-duty shipbuilding company, Hyundai Heavy Industries of the World, has signed a formal agreement to acquire its domestic competitor, Daewoo Shipbuilding and Marine Engineering.

The new company, named after Korea Shipbuilding and Marine Engineering, will provide management for the three Hyundai and Daewoo companies involved in shipbuilding and marine engineering.

But due to the size of the deal, it needs to obtain approval not only from the South Korean government, but also from the competition and antitrust authorities of the European Union and other countries.

If the deal gets the green light from the relevant authorities, it will be the largest merger deal in the shipbuilding industry in South Korea, which has been affected by years of declining demand and surplus production capacity. .

At the same time, the deal will lead to a giant entity in the global shipbuilding industry with a market share of over 21%.

Daewoo, the second largest shipbuilding company in South Korea after Hyundai, has been bailed out of bankruptcy several times in recent years thanks to government bailout programs. p>

< Hyundai Heavy Industries has 4 business divisions: Marine and Engineering Shipbuilding, Industrial and Engineering Facilities, Engines and Machinery.

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