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Exim News ['1

  • By: Demo Writer
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  • Category: Exim News
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  • Date: 25 Jun 2019

China has granted conditional approval for Maersk Line’s over $ 4 billion proposed acquisition of Hamburg Süd, its Commerce Ministry informed in a statement earlier this week. Maersk Line has thus received clearance from 18 jurisdictions for the acquisition of the Germany-headquartered line, leaving only three more approvals to be obtained, reports said.

The Chinese Ministry said the company could not enter a new ship sharing alliance on Far East-South America routes in the five years after the deal, and will withdraw some ships from certain routes such as the Far East-West Coast of South America, it is learnt.

Maersk hopes to obtain the remaining approvals soon in order to be able to commence the integration of Hamburg Süd before the end of the year, reports added.