Hyundai Heavy tries to earn Japan’s approval for Daewoo takeover
According to South Korea’s Yonhap news agency, Hyundai Heavy Industries Group has begun the process to receive regulatory approval in Japan for its takeover of local rival Daewoo Shipbuilding.
Hyundai Heavy Industry has announced that they are in the process of submitting a regulatory approval application to the Japan Fair Trade Commission. Since Japan removed South Korea from its list of trusted trade partners last month, tensions between South Korea and Japan have been escalating.
“None of the approvals are certain, but the one from the Japanese government is especially tricky,” one of the officers told to agency. “Trade relations between Seoul and Tokyo are quite tense and it’s not the best time to ask Japan on such matters.”
So far, the shipbuilder has offered the request to South Korea, Kazakhstan, China and Singapore.
Maritime Business World