Hyundai Heavy says trying to allay Singapore concerns over Daewoo shipyard merger [Reuters]
KEPPEL CORP LTD S/ADR (KPELY)
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Source: Reuters
Hyundai Heavy says trying to allay Singapore concerns over Daewoo shipyard merger SEOUL (Reuters) - Hyundai Heavy Industries Holdings Co Ltd ( 267250.KS ) said on Wednesday it is working with Singaporean regulators to alleviate concerns of its $2 billion merger with rival shipbuilder Daewoo crimping competition in the Southeast Asian maritime hub. Plans to combine the world’s two biggest shipbuilders announced in January require regulatory approval in South Korea, Singapore, China, Japan, Kazakhstan and the European Union, a Hyundai spokesman told Reuters. So far, only Kazakhstan has approved the deal, he said. “We believe Singaporean authorities are taking a cautious approach to make a decision about the deal between the two big market players,” the spokesman said. “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. Daewoo Shipbuilding and Marine Engineering Co Ltd ( 0426
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