Singapore clears South Korean Hanwha's buyout of Dyna-Mac

Reuters

November 15, 2024 at 4:13 a.m.·1 min read

FILE PHOTO: Logo of Hanwha is seen in Davos

(Reuters) -Singapore's competition regulator cleared South Korean conglomerate Hanwha Group's S$790.6 million ($589.30 million) takeover offer for oil contractor Dyna-Mac on Friday.

The acquisition will provide Hanwha access to Dyna-Mac's two oil and gas manufacturing facilities in Singapore, along with its floating production storage and offloading vessels.

The deal was "unlikely to lead to a substantial lessening of competition in the supply of offshore plants," Singapore's Competition and Consumer Commission (CCCS) said in a statement.

Last week, Dyna-Mac's largest shareholder backed Hanwha's S$0.67 per share offer.

($1 = 1.3416 Singapore dollars)

(Reporting by Aaditya Govind Rao in Bengaluru; Editing by Rashmi Aich and Abinaya Vijayaraghavan)

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