Marine Link
Monday, February 6, 2023

Hyundai Heavy Files Suit in EU Court After Daewoo Takeover Veto

Maritime Activity Reports, Inc.

March 30, 2022

(Photo: SarahTz - CC BY 2.0)

(Photo: SarahTz - CC BY 2.0)

Hyundai Heavy Industries Holdings said on Monday it had appealed to an EU court to fight the European Commission's January decision to block its takeover bid for rival shipbuilder Daewoo Shipbuilding & Marine Engineering.

The suit, made to the European Union's General Court, was filed on March 23, a Hyundai spokesperson said.

Hyundai argued that regulators in other regions had accepted the shipbuilding industry was a market controlled by shipowners' orders and preferences, not market share, and so the proposed takeover did not hurt competition, the spokesperson said.


(Reuters - Reporting by Joyce Lee; Editing by Edmund Blair)

Marine News takes a deep dive into the U.S. offshore wind industry, where stakeholders across the supply chain—on land and at sea—can expect a raft of new challenges and opportunities.
Read the Magazine

Ports: Building a New Energy Industry

Onshore Funding for Offshore Wind

Subscribe for
Maritime Reporter E-News

Maritime Reporter E-News is the maritime industry's largest circulation and most authoritative ENews Service, delivered to your Email five times per week