EU competition officials are preparing to block a $2bn 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, the Financial Times reported.
Officials told FT 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.
The veto will be the first by the EU’s competition authorities since Brussels prevented a tie-up between India’s Tata Steel and Germany’s Thyssenkrupp more than two years ago over concerns it would drive up prices for consumers.
Both EC and DSME declined to comment, FT said.