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EU regulators set to block shipbuilder Hyundai's Daewoo bid, sources say

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A Hyundai Heavy Industries' promotional image from its website / Courtesy of Hyundai Heavy Industries

EU antitrust regulators are set to block South Korean shipbuilder Hyundai Heavy Industries' bid for rival Daewoo after the companies declined to offer remedies to allay competition concerns, according to people familiar with the matter.

Hyundai, one of the largest shipbuilders in the world, said it expected unconditional European Commission clearance for the deal announced in 2019 in part due to overcapacity in the sector. (Reuters)