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EU's beggar-thy-neighbor policy

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Commission hit for requiring "excessive" demands for merger

On Thursday, the European Commission rejected Hyundai Heavy Industries' envisioned acquisition of Daewoo Shipbuilding & Marine Engineering (DSME). The commission said in a statement that the envisaged combination of the world's two largest shipbuilders would give birth to "dominant position and reduce competition in the construction of large liquefied gas (LNG) carriers." The statement said Hyundai Heavy did not formally offer remedies to address the commission's concerns that the merger would have led to fewer supplies and higher prices for LNG ships.

It is very regretful that the EU has vetoed the takeover plan as it will virtually nullify the nation's years-long efforts toward enhancing competitiveness of........

© The Korea Times

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