31JAN2019 - NEWS - Hyundai Heavy Industries of South Korea in talks with Korea Development Bank to acquire Daewoo Shipbuilding & Marine Engineering

South Korea based largest ship building company,  Hyundai Heavy Industries (HHI) has recently  expressed interest to buy its smaller rival Daewoo Shipbuilding & Marine Engineering (DSME). HHI, Korea’s largest shipbuilder, is said to be in talks with Korea Development Bank (KDB), the creditor bank that owns 55.7% stake in DSME. The top three Korean shipbuilders – HHI, DSME and Samsung Heavy Industries (SHI) – are considered one of the economic pillars for the country. But the global shipbuilding recession has led to massive losses and job cuts at the shipyards, prompting government intervention to avert their bankruptcies.

Published by Editor - www.Livebunkers.com at 31-Jan-2019 05:53:40 [UTC] , contact editor at editor@livebunkers.com