Hyundai – Daewoo merger: EU sets July 9 deadline for decision on $1.8 bln deal

Daewoo_DSME

EU antitrust regulators have set a new July 9 deadline for their decision on world No. 1 shipbuilding group Hyundai Heavy Industries’ $1.8 billion merger with Daewoo, the European Commission said on Monday.

The EU competition enforcer resumed its investigation into the deal last week after a one-month pause while awaiting data from Korean shipyards.

It warned in December that the deal to create a company with a 21% market share could push up prices.

Hyundai and Daewoo make large container ships and carriers of oil, liquefied natural gas and liquefied petroleum gas, with European shipping companies among their biggest customers.

Source: Reuters

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