The European Union on Thursday blocked the merger of South Korean shipbuilding giants Daewoo and Hyundai over concerns about restricting supplies of large liquified natural gas (LNG) carriers. The 27-nation bloc saw a potential security threat in restricting manufacturers. What has the EU said? EU Competition Commissioner Margrethe Vestager said, “We prohibited the merger.” The EU said in a statement, Hyundai Heavy Industries Holdings’ bid to take over rival Daewoo Shipbuilding & Marine Engineering “would have created a dominant position by the new merged company and reduced competition in the worldwide market for LNG carr …
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