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Business deals

Hyundai Heavy deal to be No.1 shipbuilder faces EU roadblock

South Korean company misses deadline to submit plan for its takeover of Daewoo

Hyundai Heavy has received the greenlight for the takeover from China and Singapore, but not so far from the EU, Japan and South Korea. (Photo courtesy of Hyundai Heavy Industries)

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.

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