CCCS began reviewing Hanwha’s application for a decision on whether the Proposed Transaction would infringe Section 54 of the Act on Oct 3. CCCS conducted a public consultation from Oct 4 to 18 and sought feedback from various stakeholders, including competitors and customers of Hanwha and Dyna-Mac. Most respondents did not raise any concerns.
The Competition and Consumer Commission of Singapore (CCCS) has cleared the proposed acquisition of Dyna-Mac Holdings (SGX:NO4
) by Hanwha Ocean SG Holdings, turning the Korean conglomerate's offer for the Mainboard-listed company "unconditional in all respects". Hanwha's offer for Dyna-Mac turned unconditional with acceptances on Nov 5 after its stake in Dyna-Mac went above 50%.
CCCS has assessed that the proposed transaction, if carried into effect, will not infringe Section 54 prohibition of the Competition Act 2004, which prohibits mergers that may substantially lessen competition within any market in Singapore.
