business

EU rejects merger of S Korean shipbuilders Daewoo, Hyundai

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By RAF CASERT

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-the new company would have ... a global market share exceeding 60%.

Microsoft Windows has a market share of 74%. They haven't banned that.

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I wonder what happens if South Korea tells the EU to stuff it? What would the EU do?

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Under EU rules, the European Commission can reject mergers even outside its borders because they would affect markets in the 27-nation bloc if the companies do business there. In the case of the LNG carriers, the new company would have a massive stake in the European markets. To move forward, the two companies would put themselves outside of EU law and lose a huge part of their market.

So would EU regulators refuse to allow South Korean made LNG carriers to service EU ports? Where would the EU get its gas? Are there enough non-South Korean LNG carriers out there to meet European needs and are the owners and shipping lines of those ships interested in the EUs business? Maybe they are already on a long term charter to other customers? Seems like the EU has little leverage to exert.

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What does that have to do with EU or any other countries.

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