China’s anti-trust authority has given the greenlight to the merger between two major South Korean shipbuilders: Hyundai Heavy Industries Holdings (HHI) and Daewoo Shipbuilding and Marine Engineering (DSME).
The State Market Regulatory Administration of China reached a consensus that a potential merger would not harm fair market competition and endorsed the merger unconditionally. This is the third approval the shipyards have received after the takeover was approved by antitrust authorities in Kazakhstan and Singapore.
As a reminder, HHI bought 55.72% of DSME shares last year. Such a merger will give the industry one of the largest shipbuilders. The merger is currently pending review by the EU antitrust regulator.
In February, the Japanese government filed a petition with the World Trade Organization, questioning the legality of the merger.
