The European Union blocks a $ 2 billion merger between Daewoo and Hyundai

EU competition officials are preparing to prevent a $ 2 billion merger between Daewoo Shipbuilding and Marine Engineering and Hyundai Heavy Industries, two of the largest shipbuilders in the world in South Korea.

Officials told the Financial Times that the proposed merger would be halted in as anti-competitive, with a decision likely to be announced this week.

Interestingly, this is the first time since 2019 that Brussels has decided to veto a merger of companies.

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