Overview

• Boards of both companies approved the restructuring on Aug. 27 with plans to complete the merger and launch the combined entity in December 2025.
• The exchange ratio is set at one HD Hyundai Mipo share for 1.04059146 HD Hyundai Heavy shares, according to regulatory filings.
• The merger is framed as a move to target more U.S. shipbuilding work and to lead Korea–U.S. cooperation projects highlighted at a recent summit.
• Shares jumped before the announcement, with HD Hyundai Heavy up 11.3 percent and HD Hyundai Mipo up 14.6 percent to record closes, while peers also rallied.
• Both shipbuilders are affiliates of HD Korea Shipbuilding & Offshore Engineering, the group's intermediate holding company.