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Shipbuilder Daewoo's majority shareholder conditionally approves sale

State-owned Korea Development Bank, which owns the majority of Daewoo Shipbuilding & Marine Engineering, has signed a memorandum of understanding to sell Daewoo shares to Hyundai Heavy Industries. The deal could become the largest seen in the history of the shipbuilding industry.

Photo: /ritzau/AP/Kim Dong-min

The main shareholder of Daewoo Shipbuilding and Marine Engineering, DSME, state-owned Korea Development Bank, (KDB) has signed a memorandum of understanding to divest of its Daewoo shares to the world's largest shipyard, Hyundai Heavy Industries Group, said the bank Wednesday according to Reuters.

The bank's approval of an unconditional agreement to divest of its assets in South Korea's second largest yard comes after competitor Hyundai Heavy Lift placed a bid on the competitor.

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