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