Mar 24, 2023 04:16 AM

BUSINESS

South Korea’s Hanwha Wins Three More Approvals for Daewoo Shipbuilding Deal

By Li Rongqian and Denise Jia

Daewoo Shipbuilding reported a 2022 net loss of $1.34 billion.

Daewoo Shipbuilding reported a 2022 net loss of $1.34 billion.

South Korea defense and energy conglomerate Hanwha Group received a green light from three Asian countries for its takeover of Daewoo Shipbuilding & Marine Engineering Co. Ltd.

China, Singapore and Vietnam approved the deal, leaving up in the air only South Korea and the European Union decisions, South Korean news agency Yonhap reported Wednesday.

Hanwha announced the 2 trillion won ($1.53 billion) deal to buy Daewoo Shipbuilding in September last year. Turkey was the first to approve the plan, followed by Britain and Japan.

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