EU rejects merger of SKorean shipbuilders Daewoo, Hyundai – ABC News

Under EU rules, the European Commission can reject mergers even outside its borders because they would affect markets in the 27-nation bloc if the companies do business there.

“It does not matter where the merging firms are located,” Vestager said.

The EU’s move came as the 27-nation bloc is struggling with a natural gas shortage that has led to surging prices and put millions of families in trouble at the height of winter.

“Diversification of sources of supply is fundamental.

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