The European Commission has approved the acquisition of joint control over Danish Maersk Product Tankers by APMH Invest A/S, a wholly-owned subsidiary of Maersk Group, and Mitsui & Co.
“The commission concluded that the proposed acquisition would raise no competition concerns because of the limited impact it would have on the market. The transaction was examined under the simplified merger review procedure,” the commission said.
Under the proposed transaction, the duo informed of their intention to create a joint venture company called Maersk Product Tankers A/S. As disclosed, Mitsui would acquire a stake of shares of Maersk Product Tankers from APMH Invest and the latter would retain the remaining stake of shares of the tanker company.
The move comes on the back of the sale of Maersk Tankers, which was announced as part of Maersk Group’s focus switch to container shipping, ports, and logistics. The sale has been carried out in the form of a USD 1.17 billion all-cash transaction.
The shift saw the group’s oil business, Maersk Oil, being sold off in August to Total S.A for USD 7.45 billion in a combined share and debt transaction.
A.P. Moller Holding disclosed earlier that it would set up an ownership consortium for Maersk Tankers’ fleet with Japan’s Mitsui & Co. Ltd. and other potential partners, in which A.P. Moller Holding will be the majority shareholder.
The proceeds from the transaction will be used to reduce debt, the group revealed earlier.