EU approves transfer of terminal stakes
The EU has approved the transfer of stakes in ten port terminals as the move would have a “very limited impact’ on the market.
CMA CGM and China Merchants Port Holdings (CMP) received approval from the European Commission under the EU Merger Regulation for the transfer of stakes in ten port terminals to their joint venture Terminal Link.
The Commission has concluded that the proposed concentration would not raise competition concerns, given its very limited impact on the structure of the market,” the EC said in a statement.
Terminal Link, 51% owned by CMA CGM and 49% by CMP, handled a volume of over 2.8 million TEU in 2018.
Created in 2001, the international container terminal operator, developer and investor has interests in 13 terminals to date. The company’s network currently covers the Far East, North Europe, Mediterranean, West Africa and North America.
In November 2019, CMA CGM said it planned to raise US$2bn to help finance its takeover of France-headquartered CEVA Logistics, with half of this sum made from selling stakes in 10 port terminals for US$968m to Terminal Link.
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