Shareholders approve HD Hyundai merger, effective Dec. 1

HD Hyundai Heavy Industries and HD Hyundai Mipo, both subsidiaries of HD Korea Shipbuilding & Offshore Engineering (HD KSOE), have received board approval for a merger to strengthen their presence in the global maritime defense industry. Their integration as HD Hyundai Heavy Industries will take effect on Dec. 1. HD Hyundai said Thursday that a shareholders’ meeting held earlier in the day approved the merger by a majority vote. The meeting followed the two companies’ announcement in August of their plan to merge, aiming to strengthen defense capabilities, develop new technologies and expand their presence in global markets. Last month, the country’s top antitrust regulator, the Fair Trade Commission, approved the merger, saying that it preserves HD Hyundai’s managerial structure and poses no risk to fair market competition. HD Hyundai said the merger will “maximize synergy by expanding HD Hyundai Heavy Industries in both scale and capability.” The group described the move as a strategic effort to assert leadership in the fiercely competitive global defense industry, where coWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times