Hyundai in talks with EU over Daewoo acquisition
Hyundai Heavy Industries headquarters in Ulsan / Yonhap
Hyundai Heavy Industries has been in talks with the European Union's (EU) antitrust watchdog over its acquisition of Daewoo Shipbuilding Marine Engineering amid the suspended probe into the deal, a company official said Friday.
The EU's Competition Commission has yet to announce the resumption of its probe into the proposed US$1.8 billion deal between Korea's two major shipbuilders after its probe halt announced on its website on July 14.
The latest probe suspension was the third of its kind by the Commission after the previous two suspensions in January and March caused by the coronavirus pandemic.
In mid-July, the Commission said it will resume its investigation into the deal of two South Korean shipbuilders if information requested is provided in a timely manner.
"The company has been closely cooperating with the EU competition authorities in relation with the acquisition of Daewoo Shipbuilding Marine Engineering," said Park Joon-su, a spokesman at Korea Shipbuilding Offshore Engineering, the subholding company of Hyundai Heavy Industries, giving no details of the cooperation. (Yonhap)