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China gives conditional approval to Maersk Line's acquisition of Hamburg Sud
November 8, 2017 / 10:35 AM / 16 days ago

China gives conditional approval to Maersk Line's acquisition of Hamburg Sud

BEIJING (Reuters) - China’s commerce ministry said on Wednesday it has granted conditional approval for Maersk Line’s planned acquisition of Hamburg Sud.

Shipping containers belonging to Hamburg Sud and Maersk companies are seen stacked at La Guaira port, in La Guaira, Venezuela, January 27, 2016. REUTERS/Marco Bello

Maersk Line, the world’s biggest container shipping company, will pay 3.7 billion euros ($4.3 billion) to buy German rival Hamburg Sud.

The ministry, in a statement, said the company could not enter a new ship sharing alliance on Far East-South America routes in the five years after the deal.

The company will withdraw some ships from certain routes such as the Far East-western coast of South America, it added.

($1 = 0.8622 euros)

Reporting by Beijing Monitoring Desk and Brenda Goh; Editing by Manolo Serapio Jr. and Susan Fenton

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