News Content
Brazil gives blessing to Maersk's proposed acquisition of Hamburg Sud
MAERSK Line's proposed US$4.3 billion acquisition of Germany's Hamburg Sud has gained the approval of Brazilian competition authorities, clearing a key hurdle to completing the deal.
The Administrative Council for Economic Defense (CADE) reviewed Maersk Line's divestment of Brazilian cabotage subsidiary Mercosul Line to French shipping line CMA CGM, as well as previously agreed upon changes to vessel sharing agreements (VSA) that will come into effect once the acquisition is finalised, reported American Shipper.
According to Maersk Line, one such change is the Danish carrier's commitment to the European Commission (EC) to withdraw Hamburg Sud from the VSA covering its Mediterranean-east coast South America (MESA) service.
Senior legal counsel in Maersk Line's Competition Law team, Morten Toft, was quoted as saying: "The General Superintendence conducted a thorough investigation and has scrutinised the relevant affected markets, including container liner shipping, terminals, towage and cabotage. Moreover, the General Superintendence has separately assessed the impact of the acquisition on the VSA landscape in Brazil."
"The process of obtaining regulatory approvals from all relevant jurisdictions remains on track," added Mr Toft. "We will now await the expiration of the 15 days' waiting period, and meanwhile we continue the course of obtaining all regulatory approvals by Q4 2017."
Although gaining approval from CADE is a necessary milestone to completing the deal, Maersk Line's acquisition of Hamburg Sud is still subject to approvals from the relevant authorities in the United States, Australia, the European Union, Mexico, Turkey, Japan and Ecuador.
The Administrative Council for Economic Defense (CADE) reviewed Maersk Line's divestment of Brazilian cabotage subsidiary Mercosul Line to French shipping line CMA CGM, as well as previously agreed upon changes to vessel sharing agreements (VSA) that will come into effect once the acquisition is finalised, reported American Shipper.
According to Maersk Line, one such change is the Danish carrier's commitment to the European Commission (EC) to withdraw Hamburg Sud from the VSA covering its Mediterranean-east coast South America (MESA) service.
Senior legal counsel in Maersk Line's Competition Law team, Morten Toft, was quoted as saying: "The General Superintendence conducted a thorough investigation and has scrutinised the relevant affected markets, including container liner shipping, terminals, towage and cabotage. Moreover, the General Superintendence has separately assessed the impact of the acquisition on the VSA landscape in Brazil."
"The process of obtaining regulatory approvals from all relevant jurisdictions remains on track," added Mr Toft. "We will now await the expiration of the 15 days' waiting period, and meanwhile we continue the course of obtaining all regulatory approvals by Q4 2017."
Although gaining approval from CADE is a necessary milestone to completing the deal, Maersk Line's acquisition of Hamburg Sud is still subject to approvals from the relevant authorities in the United States, Australia, the European Union, Mexico, Turkey, Japan and Ecuador.
Latest News
- For the first time, tianjin Port realized the whole process of dock operati...
- From January to August, piracy incidents in Asia increased by 38%!The situa...
- Quasi-conference TSA closes as role redundant in mega merger world
- Singapore says TPP, born again as CPTPP, is now headed for adoption
- Antwerp posts 5th record year with boxes up 4.3pc to 10 million TEU
- Savannah lifts record 4 million TEU in '17 as it deepens port
