Maersk Line/Hamburg Sud wins Merger Control Matter of the Year - Asia-Pacific, Middle East and Africa at GCR Awards 2018
A merger between rival shipping giants Maersk Line and Hamburg Sud has won merger control matter of the year - Asia-Pacific, Middle East and Africa, at the GCR Awards 2018, ahead of nominees including Tabcorp/Tatts.
Broadcom/Brocade, PotashCorp/Agrium, Tabcorp/Tatts, and Vodafone India/Idea Cellular were also nominated for the award, but Maersk Line/Hamburg Sud scooped the prize.
Maersk Line, the world’s largest container liner shipping company, secured conditional approvals from enforcers in China, Korea and South Africa, and gained approval from Australia, New Zealand and Japan on its €3.7 billion acquisition of rival Hamburg Süd. Container liner shipping is a globally interconnected industry, and the deal required coordinated reviews and remedies to address concerns spanning multiple jurisdictions. In China and South Korea, Maersk Line negotiated vessel-sharing agreement non-extensions or withdrawals on routes to South America and the Caribbean. A unique remedy agreed with China’s Ministry of Commerce to reduce reefer capacity on vessels to South America served to address China’s strategic interests. In South Africa, Maersk Line secured conditional clearance amid concerns of potential coordinated effects, which had led the Competition Commission of South Africa blocking Japan’s three major shipping liners from merging only weeks before.
Counsel to Maersk Line
In-house counsel Camilla Jain Holtse and Morten Toft in Copenhagen
Freshfields Bruckhaus Deringer
Partner Kaori Yamada in Tokyo, and counsel Ninette Dodoo in Beijing, legal consultant Janet Wang in Beijing, Dong Yun in Beijing and associate Yusuke Sasaki in Tokyo