EU vetoes S. Korean shipbuilding merger between Hyundai and Daewoo

최경애 / 2022-01-13 21:12:17
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shipbuilding merger-EU veto

shipbuilding merger-EU veto

EU vetoes S. Korean shipbuilding merger between Hyundai and Daewoo

SEOUL, Jan. 13 (Yonhap) -- The European Union antitrust regulator on Thursday vetoed Hyundai Heavy Industries Group's proposed acquisition of its smaller rival Daewoo Shipbuilding & Marine Engineering Co., citing monopoly issues.

The European Commission announced its decision to block the merger of the South Korean shipbuilders, arguing the tie-up could create a monopoly in the LNG carrier market amid rising energy prices.

Hyundai Heavy Industries Holdings Co. (HHIH) called the commission's decision unreasonable and disappointing.

"The Commission's use of the market share as evaluation criteria has no probative value as the market share itself is not a proper indicator of market power in the shipbuilding industry," HHIH said in a statement.

After reviewing the EU's final decision, HHIH will pursue possible measures, including an appeal to the General Court of the European Union, the statement said.

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