EU regulator blocks merger of two South Korean shipbuilders

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The EU’s competition regulator blocked the takeover of the South Korean shipbuilder Daewoo (DSME) by its competitor Hyundai Heavy Industries (HHIH), also from South Korea, on Thursday. “The merger of HHIH and DSME would have created a dominant position in the world market for the construction of large liquefied natural gas carriers, on which European transport companies rely,” the EU Commissioner responsible, Margrethe Vestager, announced on Thursday. HHIH expressed its disappointment at the decision and criticized the commission for focusing on market share. Market share alone is not the appr…

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