Hyundai eyes stake in Daewoo Shipbuilding

hyundai-heavy
PHOTO CREDIT: SHIPS & PORTS archive

World’s biggest shipbuilder, Hyundai Heavy Industries Group is interested in buying a stake in fellow Korean rival, Daewoo Shipbuilding & Marine Engineering, a Hyundai official told Reuters on Wednesday.

“Hyundai Heavy held talks to buy the Daewoo stake,” the official said, without elaborating further.

State-funded Korea Development Bank (KDB) holds a 55.7 percent stake in Daewoo.

South Korea’s online media, Yonhap Infomax, said Hyundai Heavy submitted a letter of intent to the KDB to buy a stake in Daewoo, citing the government.

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