European Union takes an in-depth cheking Hyundai Heavy’s takeover of Daewoo

The European Union has launched an in-depth review of the deal proposed by Hyundai Heavy Industries to take over its local rival Deawoo Shipbuilding & Marine Engineering Co.

The European Commission said it had reservations about whether effective competition would disappear if the Deawoo Shipbuilding & Marine Engineering Co. was transferred, and a decision should be made on this matter.

The commission expressed concern after the preliminary investigation that the merging of the assets of the two shipbuilding giants of the world shipbuilding giant could damage competition in large markets such as container ships and oil tankers, and that customers would not have sufficient bargaining power.

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