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HYUNDAI HEAVY INDUSTRIES HOLDINGS CO., LTD.

(A267250)
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Hyundai in talks with EU regulators on concessions over Daewoo deal -sources

09/23/2020 | 07:49am EDT

BRUSSELS, Sept 23 (Reuters) - Hyundai Heavy Industries Holdings Co Ltd, the world's largest shipbuilder, is talking with EU antitrust regulators about concessions to allay concerns about its $1.8 billion bid for rival Daewoo , people familiar with the matter said.

The deal, in part a response to overcapacity in the sector, would reinforce the South Korean company's top position with a 21% market share and comes as rivals in China and Singapore make inroads.

The European Commission, which opened a full-scale investigation into the deal last December on concerns it could inflate prices and reduce competition in cargo shipbuilding, declined to comment.

Hyundai was not immediately available for comment while Daewoo declined to comment.

It is not clear what concessions the companies will offer. EU regulators typically favour asset sales or transfer of technologies or contracts to rivals to address competition concerns.

The Commission temporarily halted its probe on July 13, the third time it has done so. The previous two delays were due to the coronavirus crisis and also while waiting for the companies to provide data.

Much of the EU's internal and external freight trade goes by sea, with European shipping companies major customers of Hyundai and Daewoo. (Reporting by Foo Yun Chee, additional reporting by Heekyong Yang in Seoul; editing by Jason Neely)


ę Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
DAEWOO SHIPBUILDING & MARINE ENGINEERING CO., LTD. 2.28% 38050 End-of-day quote.38.87%
HYUNDAI CORPORATION 0.94% 21500 End-of-day quote.34.80%
HYUNDAI HEAVY INDUSTRIES HOLDINGS CO., LTD. -0.55% 72500 End-of-day quote.27.87%
HYUNDAI MOTOR COMPANY 1.06% 238500 End-of-day quote.24.22%
KOREA SHIPBUILDING & OFFSHORE ENGINEERING CO., LTD. 0.72% 140000 End-of-day quote.29.03%
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Financials
Sales 2021 25 005 B 22,4 B 22,4 B
Net income 2021 478 B 0,43 B 0,43 B
Net Debt 2021 6 727 B 6,03 B 6,03 B
P/E ratio 2021 12,0x
Yield 2021 5,19%
Capitalization 5 123 B 4 586 M 4 591 M
EV / Sales 2021 0,47x
EV / Sales 2022 0,44x
Nbr of Employees -
Free-Float 55,1%
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Technical analysis trends HYUNDAI HEAVY INDUSTRIES HOLDINGS CO., LTD.
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Mean consensus BUY
Number of Analysts 7
Average target price 85 285,71 KRW
Last Close Price 72 500,00 KRW
Spread / Highest target 24,1%
Spread / Average Target 17,6%
Spread / Lowest Target 10,3%
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Managers and Directors
NameTitle
Oh-Gap Kwon Chairman & Chief Executive Officer
Myung-Joon Song Managing Director & Head-Finance
Dae-Gyu Yoon Managing Director, Head-Research & Development
Ho-Young Hwang Head-Compliance Support
Yun-Seong Hwang Independent Director
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