HYUNDAI Heavy Industries may appeal against the European Commission's rejection of its bid to merge with Daewoo Shipbuilding & Marine Engineering, but its prospects of success look dim, according to an analyst at a South Korean government think tank. Eunchang Lee, an associate research fellow at the government-established Korea Institute for Industrial Economics & Trade, said he expected HHI to mount an appeal as its bid to acquire DSME was meant to achieve economies of scale or streamline investments. But HHI is unlikely to present new arguments that will reverse the decision, he said.
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