Dongbu Corporation Consortium’s Acquisition of Hanjin Heavy Industries & Construction
- Recent Matters
This transaction is meaningful because the Consortium’s acquisition of 66.85% of HHIC’s shares is expected to facilitate business normalization and end monitoring by creditor financial institutions. Prior to the acquisition, HHIC was not only facing heighted scrutiny from creditor financial institutions but had also entered into agreements to normalize its business.
Yoon & Yang’s M&A practice team played an integral role in the transaction by navigating various legal issues and providing practical solutions. Significantly, the team effectively reconciled the interests of numerous creditor financial institutions, including that of a Philippines creditor financial institution, and coordinated among the Consortium members. The team also successfully represented the Consortium before regulatory authorities in connection with filing of the business combination report and the Defense Acquisition Program Administration approval.