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EU halts merger of South Korean shipbuilders Daewoo, Hyundai

The European Union has blocked the merger between South Korean shipbuilders Hyundai and Daewoo

EU Competition Commissioner Margrethe Vestager says the merger would have led to “fewer suppliers and higher prices for large vessels transporting LNG.” European customers account for almost half the orders in the $45 billion market.

“We prohibited the merger,” Vestager said, arguing that LNG shipbuilding was such a complicated process that it was already difficult for new players to enter the market.

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