Yonhap New Agency News

South Korean shipbuilding conglomerate Hyundai Heavy Industries (HHI) Group has officially started the process to earn approval from anti-trust regulators for its proposed takeover of Daewoo Shipbuilding and Marine Engineering Co. (DSME).HHI has submitted a request for the formal approval from the South Korea’s Fair Trade Commission (FTC), as well as from antitrust authorities in Japan, China, Kazakhstan and the European Union.According to Yonhap New Agency the shipbuilding major would submit further requests for approval to other countries.Meanwhile, Hyundai Heavy Industries Group completed the spinoff of Hyundai Heavy Industries Co. into Korea Shipbuilding & Offshore Engineering Co.

South Korea's defense procurement agency has signed a contract with Hyundai Heavy Industries to acquire a new next-generation landing ship LST-II, reports Yonhap New Agency. This vessel will be South Korea's second LST-II ship designed to land personnel, tanks and equipment simultaneously, after the first one that has been under construction by Hanjin Heavy Industries since 2011. The new contract is worth 136.4 billion won (US$129 million), and delivery is set for 2016, says Yonhap, citing the Defense Acquisition Program Administration. Source: Yonhap News Agency