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EC gives the go ahead for PSA, TIL merger at Antwerp terminal
A SUBSIDIARY of Singapore's PSA International Pte Ltd (PSA) andTerminal Investment Limited (TIL) of Swizerland have been given the green light by the European Commission (EC), under the EU merger regulation, to jointly acquire PSA DGD Deurganck terminal in the Port of Antwerp.
The European Union competition watchdog said in a statement the ruling will allow for the formation of a 50/50 full-function joint venture between the two companies at the Antwerp terminal. Following the merger, the two companies will undergo an internal restructuring through the merging of activities of MSC PSA European Terminal NV, another pre-existing joint venture company of PSA and TIL, into PSA DGD, American Shipper reported.
TIL is a terminal operating company that invests in, develops and manages container terminals around the world and is controlled by MSC Mediterranean Shipping Co Holding SA and investment vehicles managed by Global Infrastructure Management, LLC.
PSA is an operator of shipping terminals and is mainly active in the provision of stevedoring services at ports with a particular focus on providing terminal services for containerships and is executing the transaction via holding company subsidiary Kranji (Netherlands) Investments BV.
"The combination of the concentration and the internal restructuring will allow the notifying parties to achieve cost efficiencies and synergies to strengthen the competitiveness of the partnership in the market, which is critical in the current financial and economic climate," said the commission.
The EC reviewed the merger under normal review procedures and concluded that the acquisition would raise no competition concerns because of the limited changes to the market.
The European Union competition watchdog said in a statement the ruling will allow for the formation of a 50/50 full-function joint venture between the two companies at the Antwerp terminal. Following the merger, the two companies will undergo an internal restructuring through the merging of activities of MSC PSA European Terminal NV, another pre-existing joint venture company of PSA and TIL, into PSA DGD, American Shipper reported.
TIL is a terminal operating company that invests in, develops and manages container terminals around the world and is controlled by MSC Mediterranean Shipping Co Holding SA and investment vehicles managed by Global Infrastructure Management, LLC.
PSA is an operator of shipping terminals and is mainly active in the provision of stevedoring services at ports with a particular focus on providing terminal services for containerships and is executing the transaction via holding company subsidiary Kranji (Netherlands) Investments BV.
"The combination of the concentration and the internal restructuring will allow the notifying parties to achieve cost efficiencies and synergies to strengthen the competitiveness of the partnership in the market, which is critical in the current financial and economic climate," said the commission.
The EC reviewed the merger under normal review procedures and concluded that the acquisition would raise no competition concerns because of the limited changes to the market.
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