Hanwha Group has received the green light from Vietnam for its planned takeover of Daewoo Shipbuilding & Marine Engineering Co. (DSME), company officials said Tuesday, pending approval from four other foreign authorities, including South Korea and the European Union, according to Yonhap.
The approval from Vietnam is the fourth of its kind following the approval in Turkey, Britain and Japan.
Hanwha has yet to receive the approval from South Korea, the EU, China and Singapore.
China and Singapore are likely to announce the decision this month, with the EU expected to deliver the result of its review on April 18.
Hanwha signed an initial agreement with DSME in September last year to take over the shipbuilder through a 2 trillion-won (US$1.53 billion) rights offering.
A formal agreement was clinched in December, under which Hanwha Aerospace and five other Hanwha affiliates will acquire a 49.3 percent stake and managerial control in DSME.