The law prohibits mergers that have resulted, or may be expected to result, in a substantial lessening of competition within any market in Singapore.
CCCS noted that both shipbuilders overlap in the supply of commercial vessels, including oil tankers, containerships, liquefied natural gas carriers and liquefied petroleum gas carriers. Both operate in Singapore as foreign companies registered here. In November, the watchdog expressed concerns, following the preliminary review, that the proposed merger would remove competition to the detriment of customers in Singapore. It added that barriers to entry and expansion may be high, and alternative suppliers may not be sufficiently strong competitors to the merged entity.
It is now commencing an in-depth review of the effect of the proposed merger, CCCS said, following new documents filed by KSOE on Jan 23.
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