Korea Shipbuilding & Offshore Engineering Unconditionally Approves Daewoo Shipbuilding Merger in China

China, Singapore, and Kazakhstan Receive Consecutive Approval Notifications

[Asia Economy Reporter Hwang Yoon-joo] Hyundai Heavy Industries Holdings recently announced on the 28th that it received an "unconditional approval" from Chinese competition authorities regarding the merger with Daewoo Shipbuilding & Marine Engineering. This approval marks the third country to grant approval, following Kazakhstan in October last year and Singapore in August this year.

The State Administration for Market Regulation (SAMR) of China stated in its notification, "Based on the review under Article 26 of China's Anti-Monopoly Law, we have determined that the merger between the two companies does not restrict market competition."

Since applying for the merger review in China in July last year, Hyundai Heavy Industries Holdings underwent first, second, and third rounds of examination, ultimately securing unconditional approval after approximately one year and five months. Notably, despite unexpected challenges such as the COVID-19 pandemic and concerns over stringent scrutiny due to China being the largest competitor in the global shipbuilding market, the company’s proactive explanations regarding market monopoly issues were highly significant in achieving unconditional approval.

Hyundai Heavy Industries Holdings expects that the consecutive unconditional approvals from China, Singapore, and Kazakhstan will positively influence the ongoing reviews in other countries.

A Hyundai Heavy Industries Holdings official stated, "We will do our best to thoroughly explain the relevant matters according to the schedules and procedures of the remaining three competition authorities, including the EU, South Korea, and Japan, to smoothly complete the merger review process."

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