Hanwha secures stake in Daewoo Shipbuilding & Marine Engineering
Hanwha has confirmed its purchase of a major stake in DSME. (Photo: DSME)
Hanwha’s purchase of DSME caps off a year of success for the South Korean giant, which has gained ground in key international markets.
Hanwha Group has taken control of Daewoo Shipbuilding & Marine Engineering (DSME), acquiring a 49.3% stake in the company.
The deal worth around $1.5 billion was announced on 16 December and followed a September signing of a conditional MoU for Hanwha to take a controlling stake in the shipbuilder.
DSME has contracts worth $28.8 billion on its order books over the next four years, much of them relating to vessels for the Republic of Korea Navy.
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DSME produces submarines, warships, and auxiliaries for military customers.
The Hanwha takeover will see the Korea Development Bank’s stake in DSME reduced to 28.2%. The bank had been DSME’s main creditor and largest shareholder.
Shares are being acquired by six subsidiaries of Hanwha, with Hanwha Aerospace stumping almost half of the purchase price.
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