SEOUL-- Hanwha Group has obtained approval from Turkish and British authorities for its planned takeover of Daewoo Shipbuilding & Marine Engineering Co. (DSME), company officials said Wednesday, the first such nods from foreign governments since the takeover announcement.
British authorities have also given an effective clearance as no competition issue has been raised over the course of the review, a Hanwha official said.
The green light came about five months after Hanwha signed an initial agreement with DSME to take over the shipbuilder through a 2 trillion-won (US$1.53 billion) rights offering.
A formal agreement was clinched in December, under which Hanwha Aerospace and five other Hanwha affiliates will acquire a 49.3 percent stake and managerial control in DSME.
Hanwha has yet to receive the regulatory approval from South Korea, the European Union, Japan, China, Singapore and Vietnam.
Source: Yonhap News Agency