The Fair Trade Commission approved the merger of HD Hyundai Heavy Industries and HD Hyundai Mipo. It judged there are no concerns about restricting competition because the combination is between affiliates and does not change the governance structure.
On the 18th, the Fair Trade Commission explained the review results, saying, "The two are affiliates belonging to the HD Hyundai group, and the deal qualifies as an internal combination, meeting the merger review criteria for transactions presumed not to affect competition."
Once the merger process is completed, HD Hyundai Mipo will be dissolved, and the surviving corporation will be HD Hyundai Heavy Industries.
Earlier, HD Hyundai Heavy Industries filed a merger notification with the Fair Trade Commission on the 29th of last month. The company said it pursued the merger to push forward with the Korea-U.S. shipbuilding cooperation project "MASGA," as well as to secure economies of scale in the shipbuilding and defense sectors.