Join our crew and become one of the 110,765 members that receive our newsletter.

ocean rig sete brasil drillships samsung heavy industries shipyard shipbuilding

Samsung Heavy Denies Renewed Merger Talks With Samsung Engineering

Reuters
Total Views: 2
April 27, 2015

Ocean Rig drillships at Samsung Heavy Industries. File photo courtesy Ocean Rig

ReutersSEOUL, 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.

Unlock Exclusive Insights Today!

Join the gCaptain Club for curated content, insider opinions, and vibrant community discussions.

Sign Up
Back to Main
polygon icon polygon icon

Why Join the gCaptain Club?

Access exclusive insights, engage in vibrant discussions, and gain perspectives from our CEO.

Sign Up
close

JOIN OUR CREW

Maritime and offshore news trusted by our 110,765 members delivered daily straight to your inbox.