Marine Link
Thursday, March 28, 2024
SUBSCRIBE

Hanwha Group News

24 May 2023

Hanwha Completes Purchase of DSME

Hanwha Group Chairman Seung Youn Kim

The Hanwha Group has completed its take over of Daewoo Shipbuilding & Marine Engineering (DSME), renaming it Hanwha Ocean.Hanwha Vice Chairman Kwon Hyuk-woong has been appointed as CEO of the shipyard.The Korea Times reports that DSME suffered a 1.6 trillion won operating loss last year and 1.7 trillion won the year before. During the first three months of this year, it suffered 62.8 billion won in operating losses.Hanwha has already established a network of businesses that address renewable energy.

16 Dec 2022

South Korea: Hanwha Group Inks Deal to Take Over Daewoo Shipbuilding

DSME yard - Credit: IikaJzuchiN/Wikimedia Commons/CC BY-SA 4.0

South Korea's Hanwha Group has signed an agreement to take over Daewoo Shipbuilding & Marine Engineering, Daewoo Shipbuilding said in a regulatory filing on Friday. The deal comes after the two parties signed a tentative agreement in September in which affiliates of Hanwha Group, including Hanwha Aerospace Co Ltd., said they would invest 2 trillion won ($1.53 billion) in return for a 49.3% stake and management rights in Daewoo shipbuilding. Hanwha Group, South Korea's seventh-largest conglomerate with 80 trillion won in assets, spans energy, defense, and financial industries.

26 Sep 2022

S.Korea's Hanwha Group to Invest $1.4B for Daewoo Shipbuilding

Credit: IikaJzuchiN/Wikimedia Commons - CC BY-SA 4.0

South Korea's Daewoo Shipbuilding & Marine Engineering Co Ltd signed a tentative agreement on Monday for Hanwha Group to invest 2 trillion won ($1.4 billion) in return for a 49.3% stake and management rights in the shipbuilder, the companies and Daewoo's major stakeholder said. The agreement, signed with affiliates of Hanwha Group including Hanwha Aerospace, will only be valid if Hanwha is chosen after a period of being open to other bids, Daewoo said in a regulatory filing. State-run Korea Development Bank (KDB) owns a 55.7% stake in the shipbuilder.

23 Jan 2009

KDB Scraps Daewoo Shipyard Sale

According to a Jan. 21 report from Reuters, Korea Development Bank (KDB) has ended talks to sell a majority stake in Daewoo Shipbuilding, worth an estimated $5b, to South Korea's Hanwha Group on differences over financial terms. (Source: Reuters)

21 Jan 2009

Daewoo Sale Rumored to be Canceled

According to a Jan. 21 Bloomberg story, an anonymous source reported that Daewoo Shipbuilding & Marine Engineering Co.’s $4.6b sale to Hanwha Group was scrapped by Korea Development Bank. The reporting individual declined to be identified because the information is confidential, but is scheduled to be announced publicly on Jan. 22. (Source: Bloomberg)

15 Jan 2009

Hanwha Asked to Resubmit Plans for Daewoo

According to a Jan. 13 report from Reuters, Korea Development Bank, in talks to sell Daewoo Shipbuilding to Hanwha Group, asked Hanwha to rework its financing plan amid speculation the estimated $5b sale could fall apart. State-run KDB, a top shareholder in Daewoo Shipbuilding & Marine Engineering, also said it would decide whether the deal could go through based on the new funding plans from Hanwha. (Source: Reuters)

22 Dec 2008

No Deal Feared on Daewoo Shipbuilding

According to a report from The Korea Times, Hanwha Group and the Korea Development Bank (KDB) are locked in a game of chicken over Daewoo Shipbuilding and Marine Engineering (DSME). With the clock ticking to the year-end deadline set by the bank, the main creditor of the world's No. 3 shipyard, Hanwha is calling for more flexibility on the payment method for the $4.6b deal. Hanwha wants its payment schedule to be extended into the first quarter of next year, while KDB wants everything to be paid by the end of the year. (Source: The Korea Times)

13 Oct 2008

POSCO, Hanwha Submit Bid for Daewoo

South Korea's POSCO and Hanwha Group have submitted separate bid proposals to buy a controlling stake in Daewoo Shipbuilding & Marine Engineering, the two companies said on Monday. POSCO, which agreed last week to form a consortium with a rival bidder GS Group, has submitted a takeover proposal, its spokeswoman Ko Min-jin said, competing with Hanwha Group and Hyundai Heavy. Source: Reuters

09 Oct 2008

KDB to Pick Bidder for Daewoo

A preferred bidder for Daewoo Shipbuilding & Marine Engineering Co. is likely to be announced later this month, reports indicate. Korea Development Bank and a state-run asset manager are seeking to sell their 50.4 percent stake in the world's third-largest shipyard bailed out in 2000 after its parent Daewoo Group collapsed under a mountain of debt. POSCO, Hyundai Heavy Industries Co., GS Group and Hanwha Group last month submitted preliminary bids for Daewoo Shipbuilding. Speculation has it that KDB may cancel or delay the sale should bidders submit prices below expectations amid a flagging local stock market. KDB wants at least $3.81b for the sale…

02 Oct 2008

Pension Fund Set to Scrap Plan to Bid for Daewoo

AFP reported that 's state pension fund is likely to scrap plans to bid for Daewoo Shipbuilding because of global financial turbulence. The National Pension Service the world's fifth largest, had been in talks with POSCO, GS Group and Hanwha Group to find a partner for the acquisition of Daewoo Shipbuilding. Hyundai Heavy Industries, the world's largest shipyard, is also interested in Daewoo Shipbuilding, the world's third biggest yard. The pension fund, with assets of $187b has posted a negative return so far this year due to the financial turmoil. State-run Korea Development Bank and a government asset-management unit are selling a 50.4 percent stake in Daewoo Shipbuilding, a deal newspapers said will fetch as much as seven trillion won.

10 Sep 2008

Bids Submitted for Daewoo

POSCO and three other South Korean companies submitted their formal bids Tuesday for Daewoo Shipbuilding & Marine Engineering Co., the world's third-largest shipyard, a state-run bank said. Korea Development Bank (KDB) and state-run Korea Asset Management Corp. (KAMCO) are seeking to sell a combined 50.4 percent stake in the shipyard, which they bailed out in 2000 after its parent Daewoo Group collapsed under a mountain of debt. KDB said it will pick a preferred bidder in October after allowing POSCO, Hyundai Heavy Industries Co., GS Group and Hanwha Group to conduct a due diligence on Daewoo Shipbuilding for three weeks starting next week.

26 Aug 2008

Hyundai to Make a Bid for Daewoo

Hyundai Heavy Industries Co. plans to bid for a $3.1b controlling stake in Daewoo Shipbuilding & Marine Engineering Co. reports said. A preliminary offer will be submitted Wednesday. The preferred bidder will be announced in September and the sale will be completed by the end of October, according to the policy lender. Hyundai Heavy will compete with Posco, GS Group and Hanwha Group for the 50.4 percent holding being sold by state-run Korea Development Bank and Korea Asset Management Corp. Source:  Bloomberg