News Details

EU’s antitrust authority seen blocking Korean shipbuilding merger 


Due to concerns that the deal may restrict the supply of cargo vessels, the antitrust authority of the European Union will block the shipbuilding merger of South Korean companies Daewoo and Hyundai, said reports. After more than two years of procedure, an unusually long time for this kind of case, the EU commission is expected to announce in the next few days its veto to the operation. Of particular concern is the deal’s fallout on the construction of ships transporting liquefied natural gas, especially at a time when high energy prices are an acute concern in Europe. The takeover of Daewoo Shipbuilding & Marine Engineering by rival Hyundai Heavy Industries Holdings would create a group controlling nearly two-thirds of the global LNG cargo ship market, the reports added.

 

Source: Exim News Service: Brussels/Seoul, Jan. 13

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