The two largest acquisitions in the international shipping industry in 2017 are currently progressing smoothly. Last week, Maersk and COSCO announced the latest progress of their respective acquisitions through official channels: COSCO has been approved by the US antitrust declaration department in the United States , and Maersk has also obtained approval from the Ministry of Commerce of China, although there are a series of additional restrictive conditions. But after all, the progress is stable!
COSCO SHIPPING Holdings: The acquisition of OOCL has completed the US antitrust review
COSCO SHIPPING Holdings announced on November 8 that the company intends to jointly issue a purchase offer to all shareholders of Orient Overseas International (00316.HK) through Faulkner Global Holdings Limited, an overseas wholly-owned subsidiary, and SIPG BVI Development Co., Ltd., a joint offeror. progress on its conditional voluntary general cash tender offer for outstanding shares in the target company.
As of now, the waiting periods (including any extensions) applicable to U.S. antitrust review under the relevant provisions of the U.S. Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, in connection with the Tender Offer have At the expiration date, the tender offer has completed the US antitrust review.
Maersk Line's acquisition of Hamburg Süd was approved by the Chinese Ministry of Commerce with additional restrictions On
November 8, 2017, Maersk Line's proposal to acquire Hamburg Süd was approved by the Chinese Ministry of Commerce with additional restrictions.
Additional restrictions include:
Maersk Line promises that "Hamburg Süd will not continue to participate in the Far East-South America West Coast route ship-sharing agreement when it expires";
Maersk Line also committed that "Hamburg Süd will withdraw from the agreement on the earliest date permitted by the participating Far East-South America East Coast vessel sharing agreement".
In addition, Maersk Line has committed to reducing its capacity market share for reefer shipping with Hamburg Süd on the Far East - West Coast of South America route to [34-39]%;
And maintain no higher than [34-39]% within 3 years after the completion of this transaction.
Hamburg Süd currently continues to operate on the above routes and will continue to do so in the future. The above commitments are expected to take effect before the end of 2017, that is, after the closing.
S?ren Toft, Chief Operating Officer of Maersk Line, said: "We are very pleased that Maersk Line's proposal to acquire Hamburg Süd has been approved by the Chinese Ministry of Commerce. China is a very important market for us and we believe that The acquisition of Hamburg Süd will bring even more value to the customers of both companies."
Maersk Line's proposal to acquire Hamburg Süd needs to be approved by relevant regulatory authorities in various countries. Until the closing, Maersk Line and Hamburg Süd will continue to operate their respective businesses independently!