OPINION: The European Commission sounded the death knell for Hyundai Heavy Industries’ planned acquisition of a majority stake in South Korean compatriot Daewoo Shipbuilding & Marine Engineering last week by blocking the $2 billion deal on anti-trust grounds.

The Commission expressed concerns that any such tie-up would create an over-dominant player with about 60% of the market for large liquefied natural gas carriers.

The decision had been a long time coming because the proposed merger of the offshore and marine leviathans had been notified in November 2019 and European officials started their anti-competition investigation the very next month.