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Media says EU to veto South Korean yard merger

The large-scale joining of South Korean shipbuilders DSME and HHI is facing a potential veto by the EU's competition authority, Reuters reports. The EU expects a decision on the merger by Jan. 20.

Photo: Daewoo Shipbuilding & Marine Engineering/Yonhap

The European Union's competition authority is expected to veto the large-scale merger of the two South Korean shipbuilders Daewoo Shipbuilding & Marine Engineering (DSME) and Hyundai Heavy Industries (HHI), sources familiar with the process tell news agency Reuters.

The EU is reportedly worried that a merger between the two shipyards will create an unfair market position with two major shipbuilders instead of the current three.

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