daewoo shipbuilding

EU Antitrust Regulators Halt Hyundai, Daewoo Deal Probe

Reuters
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April 2, 2020
daewoo shipbuilding
File Photo: Daewoo Shipbuilding & Marine Engineering shipyard. Credit: Panwasin seemala / Shutterstock.com

BRUSSELS, April 2 (Reuters) – EU antitrust regulators have halted their investigation into world No. 1 shipbuilding group Hyundai Heavy Industries’ $1.8 billion merger with Daewoo while waiting for the companies to provide information.

The European Commission said it stopped the clock on Wednesday.

“Once the missing information is supplied by the parties, the clock is re-started and the deadline for the Commission’s decision is adjusted accordingly,” the EU competition enforcer said in an emailed statement.

In some cases, virus-hit companies have delayed responding to requests for information, a factor now taken into account by the EU watchdog.

The Commission warned in December that the deal to create a company with a 21% market share could result in higher 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. (Reporting by Foo Yun Chee Editing by Keith Weir)

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