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

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

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BEIJING (Reuters) – China’s commerce ministry said on Wednesday it has granted conditional approval for Maersk Line’s <MAERSKb.CO> planned acquisition of Hamburg Sud. Maersk Line, the world’s biggest container shipping company, will pay 3.7 billion euros (£3.2 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.

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