South Korea to combine world’s two biggest shipbuilders in $2 billion deal

FILE PHOTO : Giant cranes of Hyundai Heavy Industries are seen in Ulsan, South Korea, May 29, 2018. REUTERS/Kim Hong-Ji/File Photo

SEOUL (Reuters) – Hyundai Heavy Industries, the world’s biggest shipbuilding group, has announced a share swap deal worth 2.1 trillion won ($1.98 billion) to take over second-ranked Daewoo and create a global heavyweight controlling over 20 percent of the market. The move comes as the worldwide shipbuilding sector recovers from a global economic downturn that […]

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