November 12, 2019 / 4:08 PM / 25 days ago

EU to rule on $1.8 billion Korean shipbuilders deal by Dec. 17

FILE PHOTO: A man on a motorbike waits for a traffic signal in front of Hyundai Heavy Industries' Shipyard in Ulsan, South Korea, May 29, 2018. The letter reads "Our success is the success of the country, and the success of the country is the way we go well.". REUTERS/Kim Hong-Ji

BRUSSELS (Reuters) - Hyundai Heavy Industries, the world’s biggest shipbuilding group, kicked off a EU regulatory process on Tuesday by seeking European Commission approval for its bid to acquire second-ranked Daewoo in a 2.1 trillion won ($1.8 billion) deal.

Hyundai (009540.KS) announced the deal to create the world’s biggest shipbuilder with a 21 percent market share in January.

The Commission has set a Dec. 17 deadline for its decision, the company said. The EU competition enforcer can either clear the deal with or without concessions or open a full-scale investigation if it has serious concerns.

State-funded Korea Development Bank (KDB) holds a 55.7 percent stake in Daewoo. The deal also requires the green light from regulators in Korea, China, Japan and Singapore.

Reporting by Foo Yun Chee; editing by David Evans

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