[Alpha Biz=(Chicago) Reporter Paul Lee] While Hanwha Group is reviewing a business combination by domestic and foreign rival authorities to acquire Daewoo Shipbuilding & Marine Engineering, rival authorities of the European Union (EU) have decided to announce the results of a provisional review of the business combination on the 18th of next month.
According to industry sources on the 13th, EU rival authorities will begin reviewing the report submitted by Hanwha on the 9th of this month and disclose the results of the tentative review on the 18th of next month.
Once approved by the EU competition authorities, the business combination is expected to be completed. Early last year, EU competitors refused to allow a business combination between Korea Shipbuilding & Marine Engineering and Daewoo Shipbuilding & Marine Engineering for fear of expanding market dominance.
Given that Turkye competitors quickly approved the combination of the two companies last month and the U.K. actually approved it, the EU is also expected to approve the decision without difficulty.
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