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.
Hyundai Heavy Industries Holdings and KDB will take shares of roughly 29% and 8%, respectively, in a new company that encompasses shipbuilding subsidiaries Hyundai Heavy Industries, Hyundai Samho Heavy Industries, Hyundai Mipo Dockyard and Daewoo. The new company will hold about 68% of Daewoo's stock.
