The EU is against the merger between Hyundai Heavy Industries and Daewoo Shipbuilding & Marine Engineering.
The news was announced by The Korea Times, in a reconstruction which cites unidentified European sources.
According to the Asian newspaper, Member States all agree that it is highly unlikely that such a merger would ensure fair market competition in the most profitable shipbuilding sectors, from the construction of Liquefied Natural Gas (LNG) vessels onwards.
The investigation by Europe’s DG Competition was launched in December 2019 and is formally still ongoing. The transaction has already been approved by the antitrust authorities in China, Singapore and Kazakhstan. However, clearance from South Korea, Japan and the EU is still missing.
As a result of this merger, HHI could become the world’s leading shipbuilder with a 21 percent share of the market.
Translation by Giles Foster
