Hyundai Heavy to acquire a stake in Daewoo for $2bn.

Hyundai Heavy Industries, a shipbuilding group, announced a share swap deal worth $2bn to take over second-ranked Daewoo Shipbuilding & Marine Engineering and create a global heavyweight controlling over 20% of the market. Daewoo will also receive liquidity support of $2.3bn from KDB and Hyundai. State-funded Korea Development Bank currently holds a 55.7% stake. The bank said it intends to sell its stake in Daewoo and consolidate the biggest three domestic shipbuilders, which includes Samsung Heavy Industries, into two. The combination of two of the giant shipbuilders would ease competition and excess capacity, which have depressed ship prices, KDB Chairman Lee Dong-gull said. On November 23, 2021, Eu regulators set new decision deadline to January 20. On January 13, 2022, Hyundai and Daewoo tie-up gets EU antitrust veto.