SEOUL -- Hyundai Heavy Industries' plan to acquire Daewoo Shipbuilding & Marine Engineering has hit a major snag, after it missed a deadline from the European Union to address antitrust concerns.
South Korea's Hyundai Heavy, the world's second-largest shipbuilder, agreed in March 2019 to acquire fourth-ranked rival Daewoo Shipbuilding, which at the time was facing a major financial crisis. The deal has been greenlighted in China and Singapore, but awaits regulatory approval in the EU, Japan and South Korea.
