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Hyundai Heavy Shareholders OK Split-up Plan amid Harsh Labor Opposition

Hyundai Heavy Shareholders OK Split-up Plan amid Harsh Labor Opposition

SEOUL/ULSAN, May 31 (Korea Bizwire) — Shareholders of Hyundai Heavy Industries Co. on Friday approved the company’s split-up plan ahead of a proposed merger with a smaller local shipbuilder amid fierce opposition from its labor union. The split is the first step in the process of Hyundai Heavy’s planned merger with Daewoo Shipbuilding & Marine [...]

Hyundai Heavy’s Merger Faces Critical Juncture Next Week amid Backlash

Hyundai Heavy’s Merger Faces Critical Juncture Next Week amid Backlash

SEOUL, May 26 (Korea Bizwire) — Tensions are mounting ahead of Hyundai Heavy Industries Co.’s planned shareholders meeting next week as unionized workers remain staunch in their opposition to the company’s split-up plan for a merger with a small local shipbuilder, industry sources said Sunday. Hyundai Heavy shareholders are set to approve splitting of the [...]

Korean Metal Workers’ Union Opposes Merger of Two Largest Shipbuilding Companies

Korean Metal Workers’ Union Opposes Merger of Two Largest Shipbuilding Companies

GEOJE, May 15 (Korea Bizwire) — The Korean Metal Workers’ Union and union members from Daewoo Shipbuilding and Marine Engineering Co. (DSME) submitted a petition to the Fair Trade Commission on Tuesday, claiming that the merger between Hyundai Heavy Industries Co. and DSME undermines free competition and would create an oligopoly in South Korea’s shipbuilding [...]

Hyundai Heavy-Daewoo Shipbuilding to Double Combined Orderbook for LNG Ships: Data

Hyundai Heavy-Daewoo Shipbuilding to Double Combined Orderbook for LNG Ships: Data

SEOUL, Feb. 19 (Korea Bizwire) — The proposed merger between Hyundai Heavy Industries (HHI) Co. and Daewoo Shipbuilding and Marine Engineering (DSME) Co. is expected to double the value of their outstanding orders for LNG ships to over US$12 billion, industry data showed on Tuesday. Hyundai Heavy, the world’s largest shipbuilder, is set to formally [...]

Hyundai Heavy to Sign Formal Deal to Take Over Daewoo Shipbuilding

Hyundai Heavy to Sign Formal Deal to Take Over Daewoo Shipbuilding

SEOUL, Feb. 12 (Korea Bizwire) — Hyundai Heavy Industries Co., the world’s largest shipyard by sales, is set to buy its smaller local rival Daewoo Shipbuilding & Marine Engineering Co., the state-run Korea Development Bank said Tuesday. KDB said Samsung Heavy Industries Co., a major South Korean shipyard, has stated its intention not to join [...]

Samsung Heavy Unlikely to Join Race for Daewoo Shipbuilding Takeover

Samsung Heavy Unlikely to Join Race for Daewoo Shipbuilding Takeover

SEOUL, Feb. 8 (Korea Bizwire) — Samsung Heavy Industries Co., a major South Korean shipyard, is unlikely to join the race to take over Daewoo Shipbuilding & Marine Engineering Co., as its parent Samsung Group is not interested in further expanding its shipbuilding business, industry sources said Friday. Last month, the state-run Korea Development Bank [...]