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Business deals

South Korea's Hanwha completes takeover of Daewoo Shipbuilding

Money-losing shipbuilding giant renamed Hanwha Ocean

Daewoo Shipbuilding, now rebranded to Hanwha Ocean, operates a shipyard on the South Korean island of Geojedo. (Photo courtesy of Hanwha Ocean)

SEOUL -- South Korean conglomerate Hanwha Group announced Tuesday the completion of the 2 trillion won ($1.5 billion) purchase of Daewoo Shipbuilding & Marine Engineering, renaming it Hanwha Ocean.

Hanwha acquired a controlling 49.3% stake in the world's third-largest shipbuilder through a private placement of shares, with multiple group companies supplying funds.

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