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.
Engineering & Construction
Blocked Hyundai-Daewoo merger leaves shipbuilders at sea
Industry hoped consolidation would bolster prices driven down by competition
Hyundai Heavy Industries and Daewoo Shipbuilding & Marine Engineering hold a combined 60%-plus share of the market for large LNG carriers, according to EU authorities.
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