EC ALLOWS P&O GROUP’S BUY-OUT OF P&O STENA
The European Commission has cleared the proposed purchase by U.K.-based Peninsular & Oriental Steam Navigation Co.’s of the shareholding held by its partner Stena Line, of Sweden, in the cross-Channel shipping joint venture P&O Stena Line.
“The analysis carried out by the Commission indicated that the change to sole control which constitutes a concentration within the meaning of the Merger Regulation does not raise any competition concerns,” the European Commission said.
The P&O group, which announced the '150-million ($215-million) buy-out in April, said that it expects to complete the purchase of Stena’s 40-percent shareholding within a week.
Jeffrey Sterling, chairman of the P&O group, said that it will now proceed with the planned consolidation of the ferry businesses, and expects to maximize synergies.