EU Blocks $2B Daewoo-Hyundai Shipbuilding Merger

By Christopher Cole (January 13, 2022, 10:52 AM EST) -- The European Commission has blocked Hyundai Heavy Industries Holdings' nearly $2 billion acquisition of Daewoo Shipbuilding & Marine Engineering Co., the commission said Thursday.

The European Commission has blocked the nearly $2 billion tie-up between shipbuilders Hyundai Heavy Industries and Daewoo Shipbuilding & Marine Engineering. (Photo by SeongJoon Cho/Bloomberg via Getty Images)

The two South Korean companies did not offer remedies to fix EU concerns about concentration in the market for liquefied natural gas, or LNG, vessels, which are crucial in Europe, the commission said.

"Large LNG vessels are an essential element in the supply chain of [LNG] and enable the...

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