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DSME removed from S. Korea's list of conglomerates following merger

July 3, 2023 - 10:10 By Yonhap
(Hanwha Ocean)

South Korea's antitrust regulator said Monday the number of conglomerates in the country fell to 81 following the takeover of Daewoo Shipbuilding & Marine Engineering Co. by Hanwha Group.

Hanwha earlier clinched a deal to acquire a 49.3 percent stake and managerial control in DSME, with the Fair Trade Commission giving the final nod to the agreement in late April.

DSME was renamed Hanwha Ocean in May.

Prior to the takeover, DSME was the country's 37th-largest conglomerate with combined assets of 12.3 trillion won.

Currently, Hanwha holds 99 affiliates under its wing, with its assets estimated at 83 trillion won ($63 billion), standing as the country's seventh-largest conglomerate. (Yonhap)