S Korea to combine world's two biggest shipbuilders | The Daily Star
12:00 AM, February 01, 2019 / LAST MODIFIED: 12:00 AM, February 01, 2019

S Korea to combine world's two biggest shipbuilders

Hyundai Heavy Industries, the world's biggest shipbuilding group, has announced a share swap deal worth 2.1 trillion won ($1.98 billion) to take over second-ranked Daewoo and create a global heavyweight controlling over 20 percent of the market.

The move comes as the worldwide shipbuilding sector recovers from a global economic downturn that led to massive losses, widespread job cuts and, in 2017, the $2.6 billion bailout of South Korea's Daewoo Shipbuilding & Marine Engineering Co Ltd.

State-funded Korea Development Bank (KDB) owns 55.7 percent of Daewoo, and has said it intends to sell the stake and consolidate the country's three biggest shipbuilders - which includes Samsung Heavy Industries Co Ltd - into two.

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