A PYMNTS Company

EU To Restart Hyundai-Daewoo Probe Once Data Is Provided

 |  July 20, 2020

The European Union’s  antitrust regulator announced Sunday, July 19, it will resume its investigation into the merger of two South Korean shipbuilders if information requested is provided in a timely manner.

Last Monday, the EU’s Competition Commission stopped the clock in its in-depth investigation into a proposed US$1.8 billion acquisition of Daewoo Shipbuilding & Marine Engineering (DSME) by Hyundai Heavy Industries Holdings (HHIH), without providing the reason for the halt.

“This procedure in merger investigations is activated if the parties fail to provide, in a timely fashion, an important piece of information that the Commission has requested from them,” Maria Tsoni, a spokesperson at the Commission, wrote in an email to Yonhap News Agency.

To comply with merger deadlines, parties must supply the necessary information for the investigation in a timely fashion, the spokesperson said, adding that “failure to do so will lead the Commission to stop the clock.”

The latest probe halt was the third of its kind by the Commission after the previous two suspensions caused by the coronavirus pandemic.

In January and March, the Commission suspended its review of the acquisition due to the coronavirus pandemic.

Full Content: Hellenic Ship News

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.