Singapore Approves Korea Shipbuilding & Offshore Engineering-Daewoo Shipbuilding Merger

[Asia Economy Reporter Park So-yeon] Singapore has approved the merger between Korea Shipbuilding & Offshore Engineering, the intermediate holding company of Hyundai Heavy Industries Group's shipbuilding division, and Daewoo Shipbuilding & Marine Engineering.

According to the shipbuilding industry on the 25th, the Competition and Consumer Commission of Singapore (CCCS) has notified an "unconditional approval" decision regarding the merger between Korea Shipbuilding & Offshore Engineering and Daewoo Shipbuilding & Marine Engineering. The Singapore authorities concluded that the merger between the two companies would not violate competition laws.

Singapore's "unconditional approval" is the second after Kazakhstan in October last year. Singapore received the merger application in September last year and conducted a review for about a year. The schedule was delayed due to the COVID-19 pandemic, and the final decision was recently notified.

Korea Shipbuilding & Offshore Engineering applied for merger reviews with Daewoo Shipbuilding & Marine Engineering in six countries, starting with the Korea Fair Trade Commission in July last year, and reviews are currently underway in the EU, Korea, Japan, China, and others. Korea Shipbuilding & Offshore Engineering expects that the decision by the Singapore authorities will have a positive impact on merger reviews by the European Union (EU) and others.

This content was produced with the assistance of AI translation services.