Park Jong-woo, mayor of Geoje, explains Hanwha’s acquisition of Daewoo Shipbuilding & Marine Engineering in connection with the Fair Trade Commission’s business combination review at City Hall on the 4th. Provided by Geoje City
The city of Geoje, Gyeongsangnam-do, announced on the 4th that it is urging the Fair Trade Commission to review the business combination quickly for Hanwha’s acquisition of Daewoo Shipbuilding & Marine Engineering.
Unlike Hanwha’s acquisition of Daewoo Shipbuilding & Marine Engineering, which was not promptly approved by foreign competition authorities, the possibility of a delayed review by the Korea Fair Trade Commission (KFTC) is reported daily in the media, and it is concerned about the past sale wave.
Mayor Park Jong-woo said, “Geoje City and citizens are eagerly hoping that DSME will be normalized as soon as possible and become the central axis of the local economy again.” .
He continued, “Citizens’ wishes for business normalization and regional economic stability have now crossed the 9th division ridge and are waiting for the FTC decision.” “We need to make a quick decision to normalize Daewoo Shipbuilding & Marine Engineering as soon as possible.”
Geoje City is actively looking for possible plans such as visits to related organizations, signature campaigns, etc., along with urging the Fair Trade Commission’s prompt review so that there will be no setbacks in the development of businesses and local economies that are normalized due to the delay in the Fair Trade Commission’s decision.
On the 31st of last month, the European Union approved the business combination of the two companies, and all seven foreign competition authorities passed the business combination. An official from Geoje City said, “If the company goes through a paid-in capital increase following the final business combination review by the Fair Trade Commission, Daewoo Shipbuilding & Marine Engineering’s arduous journey will come to an end and it will face a new owner 21 years after the workout in 2001.”
