EU Rejects Merger of Hyundai Heavy Industries Group and Daewoo Shipbuilding... Fair Trade Commission "Reviews According to Principles"
[Asia Economy Reporter Jang Sehee] The Korea Fair Trade Commission (KFTC) announced on the 13th that it will proceed with the review "in accordance with the principles" regarding the European Union (EU) Commission's decision to prohibit the merger between Hyundai Heavy Industries and Daewoo Shipbuilding & Marine Engineering.
The KFTC stated, "At 9 PM tonight (1 PM local time), the EU announced its decision to prohibit the merger between Hyundai Heavy Industries and Daewoo Shipbuilding & Marine Engineering, and currently, the review report has been sent to the companies involved."
The KFTC further explained, "However, when overseas competition authorities prohibit a merger, it is common for the companies to withdraw their merger application," adding, "If the merger notification is withdrawn, the case will be concluded with the termination of the review process."
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Meanwhile, the KFTC has been reviewing the merger between the two companies for two and a half years. Among the six countries subject to notification (Korea, EU, China, Japan, Singapore, Kazakhstan), the application was received first, but the review has not yet been completed, with Japan still in the pre-completion stage.
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