(MENAFN) Hyundai Heavy Industries has started the process to get approval from foreign regulators for its proposed acquisition of Daewoo Shipbuilding and Marine Engineering Co.
Last month, the company signed a formal deal, worth an about USD1.75 billion, with state-run Korea development Bank (KDB) to buy the smaller local shipbuilder.
The bank is the largest shareholder of Daewoo, with a controlling 55.7-percent stake in the company.
According to Hyundai Heavy, it will submit a request asking for formal approval from South Korea's Fair Trade Commission next month, which would be tailed by similar requests being sent to antitrust regulators in 10 countries in June.
Winning regulatory approval from regional and foreign corporate regulators has been regarded as one of major hurdles facing Hyundai Heavy's efforts to complete the merger, given the dominant market position the newly merged company would have.