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The state-run Korea Development Bank said Thursday that it had signed a conditional memorandum of understanding on Hyundai Heavy Industries’ acquisition of Daewoo Shipbuilding & Marine Engineering.

While KDB is also to check the intention of Samsung Heavy Industries, the third of South Korea’s so-called “Big Three,” the latest deal was seen as putting industry frontrunner HHI in a highly favorable position to take over the cash-strapped DSME and secure market monopoly.

 תוצאת תמונה עבור ‪Daewoo Shipbuilding‬‏

The due negotiations had to be kept nondisclosed, due to the complicated structure of the deal,

The state-run bank, which is the largest shareholder of DSME, will also inquire with Samsung Heavy about its purchasing intention.

DSME has remained under the state-run bank’s control since 1999, when the former Daewoo Group disintegrated in the aftermath of the Asian Financial Crisis. Though rumors sporadically spread about its new ownership, few have set out over recent years to take over the reeling shipbuilder amid a prolonged industry slowdown.

Upon logging massive operating losses and a liquidity shortage in 2015, the shipbuilder kicked off a turnaround plan to improve its financial structure and normalize management.

 

 

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