Hyundai Heavy Industries on Friday signed a formal deal with the state-run Korea Development Bank(KDB) on its takeover of rival firm Daewoo Shipbuilding and Marine Engineering.
After the signing ceremony at 3 p.m., the two sides issued a joint statement and promised to maintain Daewoo's autonomous management system and ensure job security for its workers.
They also guaranteed to keep existing business relations with partner firms and parts suppliers of Daewoo Shipbuilding.
Hyundai Heavy and KDB added they will form a joint consultation group to gather opinions of stakeholders and will launch an organization to advance and restore the business environment for the shipbuilding sector.
They will also swiftly carry out necessary procedures for the takeover deal to be finalized.
Meanwhile, outside the Korea Development Bank, unionized workers of Hyundai Heavy and Daewoo Shipbuilding who object to the deal clashed with riot police as they attempted to enter the building and interrupt the signing ceremony.