South Korea’s Hanwha Group is close to agreeing a $1.3bn deal to buy a major stake in Daewoo Shipbuilding & Marine Engineering.

The deal involves Hanwha taking a 49.3% stake in the South Korean shipbuilder’s management rights, mainly from the current largest shareholder, Korea Development Bank (KDB), following a paid-in capital increase.

Hanwha’s DSME buyout to put shipbuilder on a profitable path
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KDB’s shareholding will be reduced from 55.7%