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Kazakhstan’s competition authority has recently notified its approval of the merger between the world’s two largest shipbuilders, said Hyundai Heavy Industries on Tuesday.
According to HHI, the Kazakhstan government approved the tie-up with Daewoo Shipbuilding & Marine Engineering after comprehensively reviewing the definition of related markets and evaluating competition limitations.
This is the first approval for the tie-up as the plan is currently undergoing a review in five other regions, including South Korea, the European Union, Japan, China and Singapore.
The EU, which is believed to hold the key to the merger, plans to complete the preliminary screening and apply for an audit in the coming weeks.
Hyundai Heavy said, “We are faithfully explaining to competition authorities in line with the review schedule and process of each country. We will do our best to ensure that the tie-up proceeds smoothly.”
In March, HHI signed a formal deal, worth an estimated 2 trillion won ($1.7 billion), with the state-run Korea Development Bank to buy its smaller rival DSME. The deal will be completed when the world’s two largest shipbuilders get approval from antitrust watchdogs of the six regions.
By Shin Ji-hye (shinjh@heraldcorp.com)
According to HHI, the Kazakhstan government approved the tie-up with Daewoo Shipbuilding & Marine Engineering after comprehensively reviewing the definition of related markets and evaluating competition limitations.
This is the first approval for the tie-up as the plan is currently undergoing a review in five other regions, including South Korea, the European Union, Japan, China and Singapore.
The EU, which is believed to hold the key to the merger, plans to complete the preliminary screening and apply for an audit in the coming weeks.
Hyundai Heavy said, “We are faithfully explaining to competition authorities in line with the review schedule and process of each country. We will do our best to ensure that the tie-up proceeds smoothly.”
In March, HHI signed a formal deal, worth an estimated 2 trillion won ($1.7 billion), with the state-run Korea Development Bank to buy its smaller rival DSME. The deal will be completed when the world’s two largest shipbuilders get approval from antitrust watchdogs of the six regions.
By Shin Ji-hye (shinjh@heraldcorp.com)
