Concerns are emerging that the European Commission may have waved through the acquisition of Howaldtswerke-Deutsche Werft (HDW), the troubled German shipyard, by Bank One Corp, the US bank, too hastily.

The Brussels compeition authorities are facing accusations from the German federal cartel office that the acquisition should have been more closely examined. The EU did not subject HDW's sale to the second stage of the process which would have investigated every aspect of the transaction.