Vestager stops shipbuilder deal

The EU Commission has blocked the planned takeover of Daewoo Shipbuilding by Hyundai Heavy Industries. The merger of the two South Korean companies would have created “a dominant position on the world market for the construction of large liquefied natural gas tankers, on which European transport companies depend,” said Commissioner for Competition Margrethe Vestager, explaining the decision. According to the decision, the takeover would have created the world’s largest shipbuilder with a market share of at least 60 percent.

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