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Engineering & Construction

EU set to block $2bn Daewoo-Hyundai shipbuilding merger

Brussels fears Korean tie-up will drive LNG prices even higher in Europe

Daewoo Shipbuilding & Marine Engineering and Hyundai Heavy Industries already dominate the global market for making ships that carry super-chilled LNG.   © Reuters

BRUSSELS/SEOUL (Financial Times) -- EU competition officials are preparing to block a $2 billion merger between two of the world's biggest shipbuilders in South Korea, the first time since 2019 that Brussels has decided to veto a corporate tie-up.

Officials told the Financial Times that a proposed merger between Daewoo Shipbuilding & Marine Engineering and Hyundai Heavy Industries would be stopped as anti-competitive. The decision is likely to be announced this week, said three people familiar with the matter.

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