Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQUE  
Europese Commissie, DG COMP MERGER REGISTRY, 1049 Brussel,   BELGIË  
 
Tel: +32 229 -91111. Fax: +32 229 -64301. E -mail: COMP -MERGER -REGISTRY@ec.europa.eu . 
  EUROPEAN COMMISSION  
Brussels, 18.03.2021  
C(2021 ) 1942 final  
PUBLIC VERSION  
Linde Korea Co., Ltd.   
5F, KT&G Kosmo Daechi Tower, 8, 
Teheran -ro 98 -gil, Gangnam -gu  
06181 Seoul  
Republic of Korea  
 
Hyosung Heavy Industries Corporation   
119, Mapo -daero (Gongdeok -dong), 
Mapo -gu  
04144 Seoul  
Republic of Korea  
Subject : Case M. 10192  – LINDE / HYOSUNG / JVs  
Commission decision pursuant to Article 6(1)(b) of Council Regulation 
(EC) No 139/20041 and Article 57 of the Agreement on the European 
Economic Area2  
Dear Sir or Madam,  
1. On 24 February 2021 , the European Commission received notification of a proposed 
concentration pursuant to Article 4  of the Merger  Regulation by which  Linde Korea 
Co., Ltd (“Linde Korea”, South Korea ) and Hyosung Heavy Industries Corpora tion 
(“Hyosung”, South Korea) acquire  within the meaning of Article 3(1)(b) and 3(4) of 
the Merger Regulation  joint control of  Korean Hydrogen JV (“the JV”, South Korea)  
by way of purchase of shares in two newly created compan ies Production JV (South 
Korea) and Sales JV ( South Korea)  together constituting a joint venture .3 
2. The business activities of the undertakings concerned are:  
 Linde Kore a: a wholly owned subsidiary of Linde plc , which is a gases and 
engineering company with activities in more than 100 countries worldwide ; 
                                                 
1 OJ L 24, 29.1.2004, p. 1 ( the ‘Merger Regulation ’). With effect from 1 December 2009,  the Treaty on 
the Functioning of the European Union ( ‘TFEU ’) has introduced certain changes, such as the 
replacement of ‘Community ’ by ‘Union ’ and ‘common market ’ by ‘internal market ’. The terminology 
of the TFEU will be used throughout this decision.  
2  OJ L 1, 3.1.1994, p . 3 (the ‘EEA Agreement ’). 
3  Publication in the Official Journal of the European Union No C 74, 3.3.2021 , p. 9. 

2  Hyosung : manufactures and sells heavy  electrical equipment worldwide. It is also 
engaged in various areas of construction, including housing, redevelopment and 
reconstruction, business and commercial facilities, civil engineering a nd 
environment ; 
 Korean Hydrogen JV: will develop, construct and operate one or more plants for 
the production of liquid hydrogen in South Korea and will sell and distribute such 
liquid hydrogen to customers for use in the mobility market in South Korea.  
3. After examination of the notification, the European Commission has concluded that 
the notified operation falls within the scope of the Merger  Regulation  and of 
paragraph 5 (a) of the Commission Notice on a simplified procedure for treatment of 
certain conce ntrations under Council Regulation (EC) No 139/2004 .4 
4. For the reasons set out in the Notice on a simplified procedure, the European 
Commission has decided not to oppose the notified operation and to declare it 
compatible with the internal market and with t he EEA Agreement. This decision is 
adopted in application of Article 6(1)(b) of the Merger  Regulation  and Article 57 of 
the EEA Agreement . 
For the Commission  
 
 
(Signed)  
Olivier GUERSENT  
Director -General  
                                                 
4  OJ C 366, 14.12.2013, p. 5 .