Australian regulator clears Maersk’s takeover of P&O Nedlloyd

Australian regulator clears Maersk’s takeover of P&O Nedlloyd    The Australian Competition and Consumer Commission said it will not oppose A.P. Moller-Maersk's proposed acquisition of Royal P&O Nedlloyd, citing the commitments given by Maersk to withdraw P&O Nedlloyd from several conferences, consortia and discussion agreements on Australian trade routes.
   “The Australian Competition and Consumer Commission was concerned that the acquisition would provide a link between Maersk and a number of conferences, consortia and discussion agreements on Australian trade routes,” said commission chairman Graeme Samuel.
   When Maersk sought informal clearance from the Australian Competition and Consumer Commission, it indicated it intended to withdraw P&O Nedlloyd from conferences, consortia and discussion agreements relevant to Australian trade routes to which Maersk is not a member.
   Maersk subsequently formalized this intention by providing a court-enforceable undertaking. In addition, Maersk has provided an undertaking not to re-enter those agreements from which it will withdraw P&O Nedlloyd for a period of five years.
   The commitments given by the Danish group have allayed the competition concerns of the Australian regulator.
   Australia’s clearance of the takeover follows those of U.S. and European regulators. The Australian Competition and Consumer Commission said it has talked to the European Commission and that the undertaking it obtained from Maersk “is similar to the commitments provided by Maersk to the European Commission.”