Hyundai Heavy says trying to allay Singapore concerns over Daewoo shipyard merger

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SEOUL: Hyundai Heavy Industries said on Wednesday it is working with Singaporean regulators to alleviate concerns of its US$2 billion merger with ...

SEOUL: Hyundai Heavy Industries said on Wednesday it is working with Singaporean regulators to alleviate concerns of its US$2 billion merger with rival shipbuilder Daewoo crimping competition in the Southeast Asian maritime hub.

"We will do our best to complete this well," he said, referring to Singapore's review. He did not give details on how the firm is addressing Singapore's concerns. Singaporean regulators have said the deal between the two South Korean firms threatens to remove competition in the supply of liquefied natural gas carriers, container ships and oil tankers to Singaporean customers."There are concerns that the Proposed Transaction will remove competition between two main suppliers of these commercial vessels, to the detriment of customers in Singapore," Competition & Consumer Commission Singapore said in statement.

The regulator has completed an initial review and a more detailed study could take around four months to complete, it said.

 

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