{"id":149513,"date":"2022-01-13T14:30:49","date_gmt":"2022-01-13T14:30:49","guid":{"rendered":"https:\/\/precoinnews.com\/?p=149513"},"modified":"2022-01-13T14:30:49","modified_gmt":"2022-01-13T14:30:49","slug":"hyundai-daewoo-tie-up-gets-eu-antitrust-veto","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/markets\/hyundai-daewoo-tie-up-gets-eu-antitrust-veto\/","title":{"rendered":"Hyundai, Daewoo tie-up gets EU antitrust veto"},"content":{"rendered":"<p>BRUSSELS (Reuters) &#8211; Hyundai Heavy Industries\u2019 proposed takeover of rival Daewoo Shipbuilding &amp; Marine Engineering Co Ltd to create the world\u2019s biggest shipbuilder was hit with an EU veto on Thursday on concerns that the deal would hurt competition.<\/p><figcaption class=\"Slideshow-description-447Md\">Slideshow <span>( 2 images )<\/span><\/figcaption><p>Hyundai, one of the largest shipbuilders in the world, announced the deal in 2019 in part to tackle overcapacity in the sector.<\/p>\n<p>The shipyard, which sought EU antitrust approval for the takeover in November 2019, said it may challenge the EU prohibition and criticised the regulator\u2019s focus on market shares.<\/p>\n<p>The South Korean industry ministry said it regretted the EU decision on a deal already cleared by China, Singapore and Kazakhstan.<\/p>\n<p>The European Commission said the deal would create the world\u2019s largest shipbuilder with a combined market share of at least 60%, leaving few alternative suppliers for customers.<\/p>\n<p>The EU competition enforcer said the tie-up would reduce competition in the global market for the construction of large liquefied gas (LNG) carriers.<\/p>\n<p>It also said the companies did not make a formal offer of remedies to address competition concerns. It said demand for large LNG carriers was not affected by the COVID-19 pandemic while the future demand outlook was very positive.<\/p>\n<p>Reuters reported on Dec. 10 that the deal would be blocked by the EU executive.<\/p>\n<p>\u201cGiven that no remedies were submitted, the merger would have led to fewer suppliers and higher prices for large vessels transporting LNG. This is why we prohibited the merger,\u201d EU antitrust chief Margrethe Vestager said in a statement.<\/p>\n<p>This is the Commission\u2019s first merger veto since it blocked Thyssenkrupp and Tata Steel\u2019s plan to form a landmark joint venture in 2019, on worries that the deal would have pushed up prices and reduced competition.<\/p>\n<p>Source: <a href=\"https:\/\/www.reuters.com\/article\/daewoo-s-m-m-a-hyundaiheavyinds-eu\/hyundai-daewoo-tie-up-gets-eu-antitrust-veto-idUSKBN2JN13N\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>BRUSSELS (Reuters) &#8211; Hyundai Heavy Industries\u2019 proposed<\/p>\n","protected":false},"author":3,"featured_media":149512,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23054],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Hyundai, Daewoo tie-up gets EU antitrust veto - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/markets\/hyundai-daewoo-tie-up-gets-eu-antitrust-veto\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Hyundai, Daewoo tie-up gets EU antitrust veto - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"BRUSSELS (Reuters) &#8211; 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