Hyundai Heavy Industries Holdings Co. plans to seek antitrust approvals from Japan, China, Singapore and the European Union to combine operations with Daewoo Shipbuilding & Marine Engineering Co. , according to people with direct knowledge of the matter.
Japan and South Korea have been locked in an escalating trade dispute taking in major businesses in both countries since South Korea’s supreme court last year ordered Japanese companies to pay damages for forced labor of Koreans during World War II. “There is no foregone conclusion, but some regulators feel it’s too big of a market share,” the official said. “There is a lot of skepticism on this.”Shipbuilding is recovering from a maritime-sector downturn that sent new orders plummeting as operators in the container, tanker and dry-bulk vessel sectors scaled down their fleets.
Chinese state-owned operations are undertaking their own consolidation, and Hyundai Heavy agreed in June to buy DSME in a $1.6 billion deal with Korea Development Bank, DSME’s controlling shareholder.
Silly disappointed for WSJ. Why don't you check details of these problems btwn S.Korea and Japan. Don't you know how much Japan paid to S.K. with apologies in 1965? S.K. is the only one country received that much of billions in the world but still crying to Japan for more money.
WSJ doesn't tell the truth as usual. 'Korea’s supreme court last year ordered Japanese companies to pay damages for forced labor of Koreans during World War II.' Fake.The 4 Koreans were not forced to work, they applied freely to Japanese companies. WSJ had to check the fact.