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Korea Shipbuilding & Offshore Engineering (KSOE), the holding company of Hyundai Heavy Industries Group, has revised a contract with Korea Development Bank (KDB) to extend the deadline for the takeover of Daewoo Shipbuilding & Marine Engineering (DSME) due to prolonged anti-trust review processes taking place around the world.
KSOE said it will extend the deadline for the investment contracts signed with KDB to June 30 and the deadline for acquiring DSME’s shares to December 31.
The merger, which would create a shipbuilding giant with a global orderbook of around one in five ships deadweight-wise, has been approved in many countries including China and Singapore, but is being held up by the European Commission, where it has stalled thanks in large part to the spread of Covid-19.
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