The European Commission said it has opened a detailed investigation under the EU Merger Regulations into the planned acquisition by South Korea's STX Shipbuilding of Norway's Aker Yards ASA.
Both companies are major players in the shipbuilding business. An in-depth investigation will enable the Commission to assess whether the removal of STX as a new entrant in the cruise ship market would possibly have anti-competitive effects and so harm consumers.
The Commission now has 90 working days, until 15 May 2008, to take a final decision on whether the concentration would significantly impede effective competition within the European Economic Area (EEA) or a substantial part of it.
The decision to open an in-depth inquiry does not prejudge the final result of the investigation.
Both companies are major players in the shipbuilding business. An in-depth investigation will enable the Commission to assess whether the removal of STX as a new entrant in the cruise ship market would possibly have anti-competitive effects and so harm consumers.
The Commission now has 90 working days, until 15 May 2008, to take a final decision on whether the concentration would significantly impede effective competition within the European Economic Area (EEA) or a substantial part of it.
The decision to open an in-depth inquiry does not prejudge the final result of the investigation.