Hyundai Heavy files suit in EU court after Daewoo takeover veto

HD Hyundai

28/03/2022 11:30

SEOUL, March 28 (Reuters) - Hyundai Heavy Industries
Holdings  267250.KS  said on Monday it had appealed to an EU
court to fight the European Commission's January decision to
block its takeover bid for rival shipbuilder Daewoo Shipbuilding
& Marine Engineering  042660.KS .  urn:newsml:reuters.com:*:nL8N2TT39H
    The suit, made to the European Union's General Court, was
filed on March 23, a Hyundai spokesperson said.
    Hyundai argued that regulators in other regions had accepted
the shipbuilding industry was a market controlled by shipowners'
orders and preferences, not market share, and so the proposed
takeover did not hurt competition, the spokesperson said. 
    
    

 (Reporting by Joyce Lee; Editing by Edmund Blair)
 ((joyce.lee@tr.com;))