Korea Shipbuilding & Offshore Engineering and KDB Extend Daewoo Shipbuilding & Marine Engineering Acquisition Contract Deadline by 3 Months
[Asia Economy Reporter Park Hyungsoo] Korea Shipbuilding & Offshore Engineering, the shipbuilding holding company of Hyundai Heavy Industries Group, and the Korea Development Bank have extended the deadline for the acquisition contract of Daewoo Shipbuilding & Marine Engineering by three months.
Korea Shipbuilding & Offshore Engineering announced on the 30th that it will extend the deadline for the in-kind contribution and investment contract with the Korea Development Bank from the original June 30 to September 30.
The delay is reportedly due to the corporate merger review being conducted by three entities, including the European Union (EU), being postponed due to the impact of COVID-19 in relation to the Daewoo Shipbuilding & Marine Engineering acquisition and merger (M&A).
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The Hyundai Heavy Industries Group stated that, except for the contract termination date, there are no changes to the details of the main contract signed with the Korea Development Bank on March 8, 2019. The deadline to acquire new shares of Daewoo Shipbuilding & Marine Engineering is December 31.
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