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欧盟彻查现代重工&大宇造船并购

作者:   发布时间:2019年12月18日    浏览量:1552   字体大小:  A+   A- 

欧盟彻查现代重工&大宇造船并购
图片来自网络,版权属于原作者

来源:World Maritime News 2019-12-18

翻译:国际海事信息网 黄子倩 张运鸿
 
        欧盟委员会已根据欧盟并购法规对韩国造船企业现代重工(Hyundai Heavy Industries Holdings,简称HHIH)并购本国另一造船企业大宇造船(Daewoo Shipbuilding & Marine Engineering,简称DSME)的并购申请开展深入调查及评估。
 
        这次并购引发了业界有关反垄断的担忧,欧盟正式启动全面调查并不出人意料。欧盟委员会现在有90个工作日的时间来做出决定,截止到2020年5月7日。
 
        在11月,现代重工向欧盟提交了并购申请。根据前期市场调查,欧盟委员会担心这笔价值18亿美元的并购会让大宇造船这个造船业的有力竞争者从国际市场上消失。这个市场包括大型集装箱船、油轮、LNG船和LPG船。
 
        欧盟委员会尤其担心现有的造船企业无法在上述四个领域与并购后的新船厂展开有力竞争。委员会也担心消费者的议价能力无法制衡并购后的新船厂。
 
        欧盟的行政机构还侦测到了进入这些市场的高壁垒,主要包括专业知识、业绩,有些情况下还需掌握相关技术。
 
        欧盟表示:“委员会的结论是,即便其他造船厂及时、准确入场,此次并购带来的负面影响也不太可能抵消。因此,此次并购可能会显著减少船舶市场中的竞争,这可能导致船舶造价升高,可选船厂减少,创新动力下降。”
 
        货船建造是欧盟的重要产业。航运约占欧盟内部货运贸易的30%,占欧盟外部货运贸易的90%。欧洲的航运公司是大宇造船和现代重工的主要客户,货船需求量占全球总需求量的30%。
 
        欧盟竞争政策专员、执行副主席玛格丽特·维斯塔格(Margrethe Vestager)指出:“航运在欧盟内外部货运贸易中占据相当大的比例,欧洲的航运公司经常向大宇造船和现代重工这两家全球领先的货船制造商购买船舶。正因如此,我们要仔细评估并购拟议是否会对货船制造行业的竞争产生负面影响,损害欧洲消费者的利益。”
 
        这次的声明发布三周前,现代重工与大宇造船的并购在新加坡遭遇监管障碍,遭到进一步审查。11月29日,新加坡竞争监管机构也表示了类似的担心,这两家造船厂的潜在合作,可能会消除LNG船制造商之间的竞争,以及大型集装箱船和大型油轮之间的竞争,从而损害新加坡客户的利益。
 
        10月下旬,现代重工并购大宇造船一事已取得哈萨克斯坦的官方批准。除了欧盟和新加坡外,两家公司还在等待韩国、中国和日本的批准。
 
       (本文版权归国际海事信息网所有,图片版权归原作者,转载请注明出处。)

EU Officially Launches In-Depth Investigation into HHI’s DSME Deal
 
The European Commission has opened an in-depth investigation to assess the proposed acquisition of South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering (DSME) by another shipbuilding group, Hyundai Heavy Industries Holdings (HHIH), under the EU Merger Regulation.

The official launching of the full-scale probe in the European Union had been anticipated amid anti-trust concerns raised by the transaction. The commission has now 90 working days, until May 7, 2020, to make a decision.

In November, Hyundai Heavy submitted its application to the EU to take over its smaller rival. Following its preliminary market investigation, the commission has concerns that the proposed USD 1.8 billion transaction may remove DSME as an important competitive force in several global cargo shipbuilding markets. These include large containerships, oil tankers, liquefied natural gas (LNG) and liquefied petroleum gas (LPG) carriers.
 
Specifically, the commission has concerns that the remaining shipbuilders would not exert sufficient competitive pressure on the merged entity in the four markets concerned by the transaction. It is also concerned that the customers would not have sufficient bargaining power to constrain the merged entity.
 
The EU’s executive arm has also identified high barriers to entry in these markets, residing mainly in the know-how, track-record, and in some cases in mastering the relevant technology.
 
“The commission has concluded that it is unlikely that a timely and credible entry from other shipbuilders would counteract the possible negative effects of the transaction. The transaction may therefore significantly reduce competition in the market for cargo shipbuilding, which could lead to higher prices, less choice and reduced incentives to innovate,” according to the EC.
 
As explained, cargo shipbuilding is an important industry for the EU. Maritime transport represents about 30% of EU internal freight trade and 90% of EU external freight trade. European shipping companies are major customers of DSME and HHIH and represent 30% of worldwide demand for cargo ships.
 
“Maritime transport represents a substantial portion of the EU’s internal and external freight trade, with European shipping companies regularly purchasing vessels from DSME and HHIH, two of the leading cargo shipbuilders in the world. This is why we will carefully assess whether the proposed transaction would negatively affect competition in the construction of cargo ships, to the detriment of European consumers,” Executive Vice-President Margrethe Vestager, responsible for competition policy, pointed out.
 
The latest announcement comes only three weeks after Hyundai Heavy’s DSME acquisition faced a regulatory hurdle in Singapore, resulting in the launch of an extensive review of the proposed transaction. On November 29, the competition watchdog in this country also raised concerns that the potential tie-up of the two shipyards is likely to remove competition between suppliers of LNG carriers and possibly large containerships and large oil tankers to the detriment of customers in Singapore.
 
In late October, HHI obtained regulatory approval in Kazakhstan for the DSME deal. Apart from decisions in the EU and Singapore, the group is awaiting approvals from regulators in South Korea, China and Japan.
 

来源:simic