(Reuters) -Singapore’s competition regulator cleared South Korean conglomerate Hanwha Group’s S$790.6 million ($589.30 million) takeover offer for oil contractor Dyna-Mac on Friday.
The acquisition will provide Hanwha access to Dyna-Mac’s two oil and gas manufacturing facilities in Singapore, along with its floating production storage and offloading vessels.
The deal was “unlikely to lead to a substantial lessening of competition in the supply of offshore plants,” Singapore’s Competition and Consumer Commission (CCCS) said in a statement.
Last week, Dyna-Mac’s largest shareholder backed Hanwha’s S$0.67 per share offer.
($1 = 1.3416 Singapore dollars)
(Reporting by Aaditya Govind Rao in Bengaluru; Editing by Rashmi Aich and Abinaya Vijayaraghavan)
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