KDB chief calls EU "selfish" for disapproval of HHI-DSME deal

Korea Development Bank (KDB) Chairman Lee Dong-gull criticized the European Union, Thursday, over its disapproval of Hyundai Heavy Industries’ (HHI) proposed acquisition of Daewoo Shipbuilding & Marine Engineering (DSME)

Seoul - Korea Development Bank (KDB) Chairman Lee Dong-gull criticized the European Union, Thursday, over its disapproval of Hyundai Heavy Industries’ (HHI) proposed acquisition of Daewoo Shipbuilding & Marine Engineering (DSME), calling the EU decision “extremely selfish and only prioritizing the interests of its member countries.”

He said the state-run KDB, the main creditor of DSME, will look for various alternatives, including privatization, to normalize the financially troubled shipbuilder, saying “We’re open from Plan B to Plan D.” However, he brushed aside the possibility of injecting fresh capital into the company, saying it would give a bad impression to other countries if debt-ridden enterprises in Korea are seen as relying on state support for survival.

He noted such an impression can result in more disapprovals of mergers and acquisitions between other Korean enterprises requiring consent from other nations for anti-monopoly purposes: “I find the EU’s decision concerning the planned HHI-DSME merger regretful,” Lee said during an online press conference, pointing out that other involved parties including China and Singapore gave their approval for the plan.

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