Ocean Rig drillships at Samsung Heavy Industries. File photo courtesy Ocean Rig
SEOUL, April 28 (Reuters) – South Korean shipbuilder Samsung Heavy Industries Co Ltd denied on Tuesday a South Korean media report that it will try again to merge with sister company Samsung Engineering Co Ltd later this year.
The DongA Ilbo, citing an unnamed Samsung Group official, reported that the two firms will launch another merger attempt in May or June as part of Samsung Group’s efforts to simplify its shareholding structure in preparation for the succession of control from the ailing patriarch Lee Kun-hee to his children.
Samsung Heavy’s planned $2.5 billion takeover of Samsung Engineering collapsed in November due to shareholder opposition. Some investors were dubious about the benefits of combining a shipbuilder with an engineering and construction firm.
(Reporting by Joyce Lee; Writing by Se Young Lee; Editing by Stephen Coates)
© 2015 Thomson Reuters. All rights reserved.
Join the gCaptain Club for curated content, insider opinions, and vibrant community discussions.
Join the 105,961 members that receive our newsletter.
Have a news tip? Let us know.
(Bloomberg) — The closure of one of the East Coast’s busiest ports after the collapse of Baltimore’s Francis Scott Key Bridge has so far not led to broad price increases,...
(Bloomberg) — An Iranian ship that’s been linked to Houthi attacks in the Red Sea is returning home, removing a prominent asset in the area as the Islamic Republic braces...
COPENHAGEN, April 15 (Reuters) – Shipping company Maersk has not made any deployment changes after a Portuguese-flagged container ship was seized by Iran in the Strait of Hormuz on Saturday, the Danish company said on Monday. “We find recent...
Access exclusive insights, engage in vibrant discussions, and gain perspectives from our CEO.
Sign Up
Maritime and offshore news trusted by our 105,961 members delivered daily straight to your inbox.
Essential news coupled with the finest maritime content sourced from across the globe.
Sign Up
Join The Club
