The European Union’s (EU) antitrust regulator has not resumed its review of the proposed merger between South Korea’s two leading shipbuilders, putting its decision on hold for about a year.
According to Yonhap news agency, the EU Competition Commission has stopped its in-depth investigation into the US$1.8 billion acquisition of Daewoo Shipbuilding & Marine Engineering Co. (DSME) by Hyundai Heavy Industries Holdings Co. (HHIH) since July 3, 2020.
To comply with merger deadlines, parties must supply the necessary information for the investigation in a timely fashion, a spokesperson explained. The spokesperson also added that “failure to do so will lead the Commission to stop the clock.”
Regarding the commission’s remarks, an official from Korea Shipbuilding & Offshore Engineering Co. (KSOE), noted that the company has been in talks with the EU antitrust watchdog over the issue.
