EU antitrust regulators pause a deal between Hyundai and Daewoo
EU antitrust regulators have suspended their investigation into the $1.8 billion merger of the world's No. 1 shipbuilding company Hyundai Heavy Industries with Daewoo while waiting for the companies to provide details.
“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 explained in an email statement.
In certain cases, virus-hit businesses have delayed responding to information requests, a factor now taken into account by EU watchdog.
In December, the Commission cautioned that the deal to create a company with a market share of 21 per cent could lead to higher prices.
Hyundai and Daewoo produce huge container ships and diesel, liquefied natural gas, and liquefied petroleum gas carriers, with European shipping companies among their biggest customers.
Maritime Business World