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Shareholders approve split of South Korean yard ahead of merger

Despite dissatisfaction among employees, Hyundai Heavy Industries' shareholders have approved a split of the company, a move that marks the first step in the merger with competitor DSME.

Photo: /Ritzau Scanpix/Reuters/Jo Yong-Hak

Shareholders in Hyundai Heavy Industries have approved a split of the shipbuilder, a move that is part of the merger with competitor Daewoo Shipbuilding & Marine Engineering, DSME, reports Yonhap News Agency.

The split, approved at a general assembly Friday, marks the first step in the merger with DSME. The plan is for Hyundai Heavy Industries to be split into two, starting next month, with one of the units being listed on the stock market.

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