The Competition and Consumer Commission of Singapore (CCCS) has cleared the proposed merger of Hyundai Heavy Industries and Daewoo Shipbuilding & Marine Engineering.
CCCS concluded that the proposed merger will not infringe the prohibition of the Competition Act following an assessment which included two public consultations and the contacting of 157 stakeholders including competitors and customers. CCCS also engaged various government agencies to gather relevant information necessary for CCCS’s assessment of the proposed transaction.
Currently the proposed merger is still reviewed by The European Commission, the antitrust regulator of European Union, although the review has twice stalled due to the Covid-19 outbreak.
In February, the Japanese government filed a petition at the World Trade Organisation questioning the legitimacy of the merger.