Hyundai Heavy LNG Shipping Deal With Daewoo Vetoed by EU
- EU says the ship-building tie up would harm competition
- First EU deal veto in over two years after political rows
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Hyundai Heavy Industries Co.’s bid for Daewoo Shipbuilding & Marine Engineering Co. was vetoed by the European Union over fears it would create an overly powerful producer of liquefied natural gas carriers.
The combined firm “would have been by far the largest player in the world,” facing rivalry only from Samsung Heavy Industries Co., the European Commission said in a statement on Thursday.