The European Union has cleared the defence and energy conglomerate Hanwha Group to take over South Korea’s state-backed shipyard Daewoo Shipbuilding & Marine Engineering.
The bloc’s competition authorities said that the proposed acquisition raised no concerns because of the companies’ limited market position.
The EU last year blocked HD Hyundai — formerly known as Hyundai Heavy Industries Holdings — from taking over DSME because it said the merged entity would dominate the market for LNG carrier newbuildings.
