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Hanwha Group is set to expand into naval shipbuilding

5th October 2022 - 04:49 GMT | by Gordon Arthur in Christchurch

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DSME has been struggling financially for years, and Hanwha Group is set to take a major stake in the shipbulder. (Photo: DSME)

Hanwha is broadening its portfolio, with a bid to take a controlling stake in shipbuilder DSME likely to proceed.

Hanwha Group of South Korea announced on 26 September that it had signed a conditional MoU to take a managerial controlling stake in Daewoo Shipbuilding & Marine Engineering (DSME).

This was a preliminary agreement to secure a 49.3% stake – worth some KRW2 trillion ($1.4 billion) – in the debt-ridden South Korean shipbuilder.

However, the agreement requires that no other competitive bidder better Hanwha’s offer before a deadline of 17 October.

In 2021, the ailing DSME suffered operating losses amounting to KRW1.7 trillion, and nearly KRW600 billion in the first half of this year. A 51-day strike by DSME subcontracted

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Gordon Arthur

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Gordon Arthur


Gordon Arthur is the Asia Pacific editor for Shephard Media. Born in Scotland and educated …

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