Authorities O.K. Maersk Sealand takeover of P&O Nedlloyd
The European Commission and the U.S. Justice Department Friday both green-lighted A.P. Moller-Maersk’s proposed 2.3 billion euros ($3 billion) acquisition of Royal P&O Nedlloyd.
A.P. Moller-Maersk agreed to withdraw P&O Nedlloyd from the Europe/South Africa trade as well as from some of its existing conferences and consortia agreements involving Europe, in order to satisfy EC requests.
The waiting period required under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 expired without further action being requested by the Justice Department.
The Danish group has so far purchased more than 40 percent of Royal P&O Nedlloyd’s capital ahead of the completion of its formal bid, which was launched in June.
Maersk Sealand has said it is considering a new brand name for the merged company, and that it is uncertain if liner services will be operated independently or remain in consortia such as the Grand Alliance.
Authorities O.K. Maersk Sealand takeover of P&O Nedlloyd
