In a move highlighting Brussels officials’ willingness to go where other antitrust enforcers won’t, the European Commission has halted a merger between the world’s largest and second-largest shipbuilding companies over competition concerns.
According to the EU competition enforcer, Hyundai Heavy Industries Holding’s acquisition of Daewoo Shipbuilding and Marine Engineering would have resulted in “less choice, higher prices and ultimately less innovation for European customers”, EU competition chief Margrethe Vestager said in a statement.
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