Chairman Lee Dong-geol: "Daewoo Shipbuilding & Marine Engineering Merger to be Completed in the First Half of Next Year"

[Asia Economy Reporter Kangwook Jo] Lee Dong-geol, chairman of the Korea Development Bank, announced on the 28th that the merger work between Hyundai Heavy Industries and Daewoo Shipbuilding & Marine Engineering will be completed by the first half of next year.

At an online press conference that day, Chairman Lee said, "Regarding the merger with Daewoo Shipbuilding & Marine Engineering, corporate merger approvals are currently underway in four countries."

The corporate merger review between Korea Shipbuilding & Offshore Engineering, the intermediate holding company for shipbuilding under Hyundai Heavy Industries Group, and Daewoo Shipbuilding & Marine Engineering is currently being conducted by the Korea Fair Trade Commission, the EU (European Union), Japan, and China. If even one of these countries opposes, the merger will be canceled.

Earlier, the EU Commission postponed the corporate merger review between the two companies three times this year, citing difficulties in data collection due to COVID-19.

Chairman Lee said, "The EU is key, and we received an answer that it will be finalized by the end of this year," adding, "We expect the deal to be completed by the first half of next year."