SEOUL/TOKYO/DALIAN, China -- Europe's rejection of Hyundai Heavy Industries' acquisition of Daewoo Shipbuilding Marine & Engineering has scuppered what would have been a major step toward consolidation in an industry where excessive competition weighs heavily on profits.
The European Commission on Thursday vetoed the deal between the world's second- and fourth-largest shipbuilders, on the grounds that the South Korean companies' combined market share of at least 60% in large liquefied natural gas carriers would have reduced competition.
