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EU: CMA offers concessions to get approval for $2.4 billion NOL deal

By  |  April 11, 2016

French container shipping group CMA CGM has offered concessions in a bid to win European Union antitrust approval for its $2.4 billion takeover of Singaporean rival Neptune Orient Lines.

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    CMA CGM, which ranks behind No. 1 Maersk Line and Swiss peer MSC in global shipping, submitted the concessions on Thursday, a filing on the European Commission website showed on Monday, without giving details.

    CMA is expected to withdraw NOL from competing shipping alliances to allay concerns, people familiar with the matter said.

    The tie-up between German container shipping company Hapag Lloyd and Chilean peer Compania Sud Americana de Vapores gained the green light from the EU two years ago after CSAV agreed to withdraw from two shipping alliances covering trade between Northern Europe and the Caribbean, and South America’s west coast.

    Full content: Reuters

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