EC approves PSA, TIL merger at Antwerp terminal

The European Commission announced the approval of the proposed merger between terminal operators PSA and Total Investment Limited for the PSA DGD Deurganck terminal at the Port of Antwerp.    The European Commission (EC) has approved, under the EU Merger Regulation, the acquisition of joint control over the PSA DGD Deurganck terminal in the Port of Antwerp by Terminal Investment Limited (TIL) of Switzerland and a subsidiary of PSA International Pte Ltd (PSA) of Singapore.
   The European Union competition watchdog said in a statement the ruling will allow for the formation of a 50/50 full-function joint venture between the two companies at the Antwerp terminal. Following the merger, the two companies will undergo an internal restructuring through the merging of activities of MSC PSA European Terminal NV, another pre-existing joint venture company of PSA and TIL, into PSA DGD.
   TIL is a terminal operating company that invests in, develops and manages container terminals around the world and is controlled by MSC Mediterranean Shipping Co. Holding SA and investment vehicles managed by Global Infrastructure Management, LLC. PSA is an operator of shipping terminals and is mainly active in the provision of stevedoring services at ports with a particular focus on providing terminal services for containerships and is executing the transaction via holding company subsidiary Kranji (Netherlands) Investments BV.
   “The combination of the concentration and the internal restructuring will allow the notifying parties to achieve cost efficiencies and synergies to strengthen the competitiveness of the partnership in the market, which is critical in the current financial and economic climate,” said the commission.
   The EC reviewed the merger under normal review procedures and concluded that the acquisition would raise no competition concerns because of the limited changes to the market.