The merger between Hyundai Heavy Industries Holdings (HHI) and Daewoo Shipbuilding and Marine Engineering (DSME) has been given green signal by China’s anti-trust authority.
China’s State Administration for Market Regulation stated that the merger will not hurt fair market competition.
This is the third approval the merger has received after anti-trust agencies in Kazakhstan and Singapore gave a green signal.
However, the $1.8 billion merger still needs approval from South Korea, Japan and European Union.
The merger once created would lead to the formation of one of the world’s largest shipbuilders.