Korea Shipbuilding & Offshore Engineering Extends Deadline for Daewoo Shipbuilding Acquisition to December 31
[Asia Economy Reporter Hwang Yoon-joo] Korea Shipbuilding & Offshore Engineering, the intermediate holding company of Hyundai Heavy Industries Group, announced on the 30th that it has extended the deadline for the in-kind contribution and investment contract related to the acquisition of Daewoo Shipbuilding & Marine Engineering shares with Korea Development Bank to December 31.
When Korea Shipbuilding & Offshore Engineering signed the acquisition contract with KDB for Daewoo Shipbuilding, it has an obligation to provide up to 1 trillion won in additional funds if Daewoo Shipbuilding requires it. However, two precedent conditions must both be satisfied for this to happen.
One of the precedent conditions is to obtain corporate merger approvals both domestically and internationally, and the other is that no negative impact (issue) should occur to Hyundai Heavy Industries and Daewoo Shipbuilding.
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Currently, Korea Shipbuilding & Offshore Engineering is awaiting corporate merger approvals from the European Union (EU), Japan, and Korean authorities among six countries.
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