The Korea Development Bank (KDB) said on Feb. 12 that Samsung Heavy Industries had officially notified on Feb. 11 that it has no intention to participate in the bid for the acquisition of Daewoo Shipbuilding & Marine Engineering (DSME).
"Accordingly, Hyundai Heavy Industries has been selected as a candidate for the acquisition of DSME, and we will proceed with necessary procedures, including holding a board of directors' meeting to conclude the contract," the KDB said.
If the board approves it early next month, the KDB will sign a main contract with HHI and complete the detailed negotiations.
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