3.9 C
Hamburg
Saturday, February 8, 2025
Home News Hanwha poised to take charge of DSME

Hanwha poised to take charge of DSME

South Korean chaebol Hanwha Corporation is set to enter the shipbuilding business after being named today (26 September) as a preferred bidder to buy most of state policy lender Korea Development Bank’s (KDB) holdings in Daewoo Shipbuilding & Marine Engineering (DSME).

Founded by Kim Chong-hee, Hanwha’s business spans the defence, aerospace, construction and finance sectors; the group is South Korea’s seventh-largest conglomerate. Hanwha is expected to acquire 49.3% of DSME’s shares for US$1.39 billion, while KDB will retain a 28.2% stake.

KDB chairman Kang Seok-hoon had said earlier this month that he wants the bank to release its grip on DSME and HMM at the soonest. In DSME’s case, efforts to seek a white knight had failed over the last 25 years, after its original parent Daewoo group collapsed following the Asian financial crisis. Hopes that the country’s largest shipbuilder, Hyundai Heavy Industries, could merge with DSME, were dashed in January after the European Commission’s anti-trust unit rejected the move.

Hanwha, which backed out of an earlier attempt to buy DSME in 2008 after the global financial crisis, expects its investment in DSME to produce synergies with its defence and green energy businesses.


Martina Li
Asia Correspondent





Latest Posts

Port of Halifax receives Transport Canada grant

The Halifax Port Authority was awarded funding up to CA$22.5 million (US$15.7 million) from Transport Canada through the Green Shipping Corridor Program to prepare...

Port of Gothenburg surpasses 900,000 TEU mark in 2024

In 2024, the Port of Gothenburg handled 909,000 TEUs of containerized cargo, translating to a slight decrease of 1% compared to the previous year's...

VTT leads US$13.2 million project to boost Oulu Port’s security and resilience

VTT Technical Research Centre of Finland, in collaboration with Oulu Port and 20 other partners, has launched a three-year international project aimed at strengthening...

Understanding and Addressing Challenging Behaviors in Children With Autism: Tips for Parents

For parents navigating the behavior complexities associated with autism, understanding the nuances of their child’s actions can be a continuous challenge. Children on the...

North Sea Port inks partnership deals with Canadian ports

North Sea Port is set to intensify its collaboration with the Canadian ports of Montréal, Québec, Saguenay, Sept-Îles, and Trois-Rivières. This partnership aims to strengthen...
error: Content is protected !!