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[Alpha Biz=(Chicago) Reporter Paul Lee] HD Hyundai has dropped a lawsuit filed against the European Union (EU), which previously refused to allow M & A (M&A) with Daewoo Shipbuilding & Marine Engineering (currently Hanwha Ocean).
According to the industry on the 2nd, HD Hyundai submitted an application for withdrawal of the lawsuit to the EU court. They believe that the lawsuit is not profitable as the former Daewoo Shipbuilding & Marine Engineering has already completed a business combination with Hanwha Group and launched a new one.
In January last year, the European Commission opposed the merger and acquisition, citing the possibility of monopolistic damage if the two companies approved the merger.
HD Hyundai then filed a lawsuit with the EU court in March last year to reconsider its decision not to merge Daewoo Shipbuilding & Marine Engineering.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
