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Tags: Europe | South Korea | Merger

EU Halts Merger of South Korean Shipbuilders Daewoo, Hyundai

Thursday, 13 January 2022 08:00 AM EST

BRUSSELS (AP) — The European Union on Thursday blocked the merger between South Korean shipbuilders Hyundai and Daewoo, saying a union between two of the world’s biggest players in the industry would have given the combined company a global stranglehold on the production of liquified natural gas carriers.

EU Competition Commissioner Margrethe Vestager says the merger would have led to “fewer suppliers and higher prices for large vessels transporting LNG.” European customers account for almost half the orders in the $45 billion market.

“We prohibited the merger,” Vestager said, arguing that LNG shipbuilding was such a complicated process that it was already difficult for new players to enter the market.

© Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


GlobalTalk
The European Union on Thursday blocked the merger between South Korean shipbuilders Hyundai and Daewoo, saying a union between two of the world's biggest players in the industry would have given the combined company a global stranglehold on the production of liquified...
Europe,South Korea,Merger
109
2022-00-13
Thursday, 13 January 2022 08:00 AM
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