Singapore’s state competition regulator approved the merger between two South Korean shipyards, possibly pushing forward the creation of the world’s largest shipbuilder.
The Competition and Consumer Commission of Singapore said the planned merger between Korea Shipbuilding & Offshore Engineering and Daewoo Shipbuilding & Marine Engineering did not violate any antitrust rules or hurt fair competition in the sector.
The unconditional approval is the second of its kind for the ongoing business combination, following the similar verdict made by Kazakhstan in October, 2019.
KSOE, which is the sub-holding company of Hyundai Heavy Industries Group, submitted its merger request to the city state last September, with Singapore conducting first and second stage reviews.
