sunny.png
Wednesday May 18th, 2022 12:49PM

EU halts merger of South Korean shipbuilders Daewoo, Hyundai

By The Associated Press
Related Articles
  Contact Editor

BRUSSELS (AP) — The European Union on Thursday rejected the merger between South Korean shipbuilders Hyundai and Daewoo, saying a union between two of the world’s biggest players in the industry would have given the combined company a global stranglehold on the production of liquified natural gas carriers.

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.

While Vestager’s office is powerful in vetting such mergers and ensuring European consumers are not hurt by dominant market forces, it was only the 10th merger that it has blocked in the past decade among 3,000 requests for approval.

Under EU rules, the European Commission can reject mergers even outside its borders because they would affect markets in the 27-nation bloc if the companies do business there. In the case of the LNG carriers, the new company would have a massive stake in the European markets. To move forward, the two companies would put themselves outside of EU law.

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Corporate News, AP Business - Industries, AP Business - Utilities
© Copyright 2022 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Italy marks 10 years since deadly Costa Concordia shipwreck
Italy is marking the 10th anniversary of the Costa Concordia cruise ship disaster with a daylong commemoration that will end with a candlelit vigil marking the moment the ship slammed into a reef and then capsized off Tuscany
7:03AM ( 20 minutes ago )
EXPLAINER: Where does Djokovic's Australian visa saga stand?
Novak Djokovic was included in the draw for the Australian Open — but he’s still waiting to learn if he can stay in the country
6:51AM ( 32 minutes ago )
EXPLAINER: How Europe is trying to deal with its gas crisis
Europe's natural gas crisis isn’t letting up
6:44AM ( 39 minutes ago )
Associated Press (AP)
India, Britain launch talks on free trade deal
India and Britain have formally launched talks to pursue a free trade deal that is expected to boost their trade by billions, making it one of the most ambitious negotiations to take place after Brexit
5:23AM ( 2 hours ago )
World stocks retreat as inflation augurs Fed rate hikes
Shares are mostly lower in Europe and Asia after the latest report of surging prices in the U.S. appeared to keep the Federal Reserve on track to raise interest rates in coming months
4:30AM ( 2 hours ago )
Strike paralyzes Lebanon amid worsening economic conditions
A general strike by public transportation and labor unions has paralyzed Lebanon as the nation suffers through one of the world's worst economic crises
4:02AM ( 3 hours ago )
AP Business
Asian stocks mixed as inflation augurs Fed rate hikes
Shares are mixed in Asia after the latest report of surging prices in the U.S. appeared to keep the Federal Reserve on track to raise interest rates in coming months
11:19PM ( 8 hours ago )
Brainard vows to help combat inflation as No. 2 Fed official
Lael Brainard pledged in written remarks to help the Federal Reserve fight a spike in inflation while still supporting the economic recovery — a tricky balancing act she would face if confirmed as the Fed’s No. 2 official
7:58PM ( 11 hours ago )
Biogen tumbles after Medicare lays out Aduhelm coverage plan
Shares of Biogen have tumbled a day after regulators slapped strict limitations on coverage the drugmaker’s new Alzheimer’s disease treatment
5:05PM ( 14 hours ago )
AP Business - Industries
Energy monitor blames Russia for worsening Europe gas crisis
The head of the International Energy Agency has blamed Russia for worsening Europe’s natural gas crisis
8:36AM ( 22 hours ago )
Energy monitor blames Russia for European gas crisis
The head of the International Energy Agency has blamed Russia for much of Europe’s natural gas crisis
8:08AM ( 23 hours ago )
Asian stocks follow Wall St up as Powell says rates to rise
Asian stock markets have followed Wall Street higher after Federal Reserve chairman Jerome Powell said U.S. interest rates might be raised earlier than planned
12:56AM ( 1 day ago )
AP Business - Utilities
Italy marks 10 years since deadly Costa Concordia shipwreck
Italy is marking the 10th anniversary of the Costa Concordia cruise ship disaster with a daylong commemoration that will end with a candlelit vigil marking the moment the ship slammed into a reef and then capsized off Tuscany
7:03AM ( 20 minutes ago )
EXPLAINER: Where does Djokovic's Australian visa saga stand?
Novak Djokovic was included in the draw for the Australian Open — but he’s still waiting to learn if he can stay in the country
6:51AM ( 32 minutes ago )
EXPLAINER: How Europe is trying to deal with its gas crisis
Europe's natural gas crisis isn’t letting up
6:44AM ( 39 minutes ago )
Delta loses $408 million; 8,000 employees hit with infection
Delta Air Lines is reporting a $408 million loss for the final quarter of 2021, dragged down by a COVID-19 surge that rocked the airline in December, and the carrier expects to suffer one more quarterly loss before travel picks up in the spring and summer
6:32AM ( 52 minutes ago )
French teachers go on strike over handling of pandemic
French teachers have walked out in a nationwide strike Thursday to express anger at the way the government is handling the virus situation in schools, denouncing confusing rules and calling for more protection
6:21AM ( 1 hour ago )