SEOUL/TOKYO/SHANGHAI -- The Hyundai Heavy Industries deal announced Thursday to consolidate two of South Korea's "Big Three" shipbuilders is certain to draw the ire of rivals Japan and China as they take issue with Seoul's aid to the industry.
The world's largest shipbuilder conditionally agreed to acquire a 56% stake in Daewoo Shipbuilding & Marine Engineering from the state-run Korean Development Bank. The combined entity would create a company double the size of compatriot Samsung Heavy Industries.
