South Korea defense and energy conglomerate Hanwha Group is expected to conclude a planned takeover of Daewoo Shipbuilding & Marine Engineering from existing lead shareholder the Korea Development Bank (KDB) in the first half of 2023.

Speaking at a press conference at the close of business on Monday, shortly after the initial deal was announced, KDB chairman Kang Seog-hoon said the bank plans to finalise an agreement with Hanwha during 2022 under which the company will take a controlling 49.3%