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Published on 23/09/2020 4:44:00 PM | Source: Reuters

Exclusive: Hyundai in talks with EU on concessions over Daewoo deal - Sources

Posted in Top Stories| #World Market

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BRUSSELS  - World No. 1 shipbuilding group Hyundai Heavy Industries Holdings Co Ltd are in talks with EU antitrust regulators on concessions to allay competition concerns about its $1.8 billion bid for rival shipbuilder Daewoo, people familiar with the matter said.

The European Commission opened a full-scale investigation into the deal last December, on concerns that the takeover could inflate prices and reduce competition in the market for cargo shipbuilding.

It temporarily halted its probe on July 13, the third time it has done so. The previous two delays were due to the coronavirus crisis and also while waiting for the companies to provide data.

 

(Reporting by Foo Yun Chee)