Hyundai Heavy Industries Triggered by EU Rejection with Daewoo

In a move that was already cleared between the South Korean industry ministry and China, Singapore and Kazakhstan, the EU rejected the takeover deal on January 13 between Hyundai Heavy Industries and Daewoo Shipbuilding & Marine Engineering Co Ltd., sighting it would cripple competition within the industry as the merger would allow them to control a 60% market share.

Now, Hyundai Heavy Industries has expressed its opposition to the decision and even proposes that it may possibly challenge the decision.