EU Blocks Mega-merger Of South Korean Shipbuilders Daewoo And Hyundai

Fahad Shabbir (@FahadShabbir) Published January 13, 2022 | 05:46 PM

EU blocks mega-merger of South Korean shipbuilders Daewoo and Hyundai

The EU on Thursday blocked the merger of two South Korean ship-making giants over concerns the deal would restrict the supply of large liquefied gas carriers, posing a threat to Europe's energy security

Brussels, (UrduPoint / Pakistan Point News - 13th Jan, 2022 ) :The EU on Thursday blocked the merger of two South Korean ship-making giants over concerns the deal would restrict the supply of large liquefied gas carriers, posing a threat to Europe's energy security.

The takeover of Daewoo Shipbuilding & Marine Engineering by rival Hyundai Heavy Industries Holdings "would have created a dominant position by the new merged company and reduced competition in the worldwide market for LNG carriers," a statement said.

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