SEOUL -- South Korean conglomerate Hanwha Group has signed a deal to take over Daewoo Shipbuilding and Marine Engineering, the world's third-largest shipbuilder, for 2 trillion won ($1.52 billion).
Daewoo Shipbuilding, which announced the deal in a regulatory filing Friday, will issue new shares to six Hanwha Group companies through a private placement, giving the group a 49.3% stake to become the largest shareholder. Hanwha Aerospace will invest 1 trillion won and Hanwha Systems, a defense equipment company, will invest 500 billion won.
