(MENAFN) Hyundai Heavy Industries Co. will be acquiring its smaller local rival Daewoo Shipbuilding & Marine Engineering Co.
According to the state-run Korea Development Bank, Samsung Heavy Industries Co. has stated its intention not to join the race to take over Daewoo Shipbuilding.
KDB said earlier it would contact Samsung Heavy to see if it is interested in Daewoo Shipbuilding.
Hyundai Heavy and KDB will sign a formal deal in next month, according to the state-run lender.
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