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Hyundai Heavy held talks with Daewoo Shipbuilding to buy stake - official

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Hyundai Heavy held talks with Daewoo Shipbuilding to buy stake - official
FILE PHOTO: Giant cranes of Hyundai Heavy Industries are seen in Ulsan, South Korea, May 29, 2018. REUTERS/Kim Hong-Ji   -   Copyright  KIM HONG-JI(Reuters)
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SEOUL (Reuters) – South Korean shipbuilding giant, Hyundai Heavy Industries Group, is interested in buying a stake in cross-town rival Daewoo Shipbuilding & Marine Engineering, a Hyundai official told Reuters on Wednesday.

Hyundai Heavy held talks to buy the Daewoo stake, the official said, without elaborating further.

State-funded Korea Development Bank holds a 55.7 percent stake in Daewoo.

(Reporting by Hyunjoo Jin; Editing by Muralikumar Anantharaman)

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