9/25, 9:51 AM (Source: TeleTrader)
more TeleTrader news

Hyundai, EU discussing Daewoo shipbuilding deal - report

Hyundai Heavy Industries Holdings Co. Ltd. is discussing its acquisition of Daewoo Shipbuilding & Marine Engineering Co. Ltd. with the European Commission's competition regulator, Yonhap reported on Friday, citing a source from Hyundai.

European Union's antitrust watchdog is examining whether the $1.8 billion acquisition may result in a spike in shipping prices and thus damage EU companies from the sector. The currently suspended probe has been halted three times in total.

The deal, which would reportedly create the biggest shipbuilding company in the world with a 21% global market share, received the green light in Kazakhstan and Singapore, while it still awaits approval by the European Union, South Korea, China and Japan.

Breaking the News / MS