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Business deals

Hyundai's new 23% market share forces shipbuilders to bulk up

Birth of mega-shipbuilder triggers race for economies of scale

Hyundai Heavy Industries, the world's largest shipbuilder, operates this shipyard in the South Korean city of Ulsan. (Photo courtesy of Hyundai Heavy Industries)

SEOUL/SHANGHAI/TOKYO -- South Korea's Hyundai Heavy Industries signed a definitive agreement to acquire compatriot Daewoo Shipbuilding & Marine Engineering on Friday with Daewoo's top shareholder Korea Development Bank, creating a leviathan that will control more than one-fifth of the global market.

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