Korea Shipbuilding & Offshore Engineering (KSOE), a shipbuilding holding company of Hyundai Heavy Industries Group, has revised its contract with Korea Development Bank (KDB) to extend the deadline for its acquisition of Daewoo Shipbuilding & Marine Engineering (DSME). The extension was inevitable due to a delay in the European Union (EU)’s review of the corporate combination.
KSOE announced on Jan. 22 that it has extended the deadline for the investment contracts signed with KDB from Sept. 30, 2020 to June 30, 2021.
KSOE also said it will extend the deadline for acquiring new shares of DSME to Dec. 31, 2021. Hyundai Heavy Industries Group signed the main contract for DSME acquisition with KDB in March 2019.
Source: Business Korea