MSC and BlackRock Withdraw EU Approval Request for Barcelona Port Terminal Acquisition
Overview of the Withdrawn Acquisition Request
Background of the Acquisition Plan
BRUSSELS, Aug 10 (Reuters) - Shipping giant MSC and buyout fund BlackRock withdrew their request to the European Union's antitrust regulator to approve their plan to buy the Barcelona port terminal owned by CK Hutchison, a regulatory filing showed.
EU Commission's Investigation
Concerns Over Competition and Pricing
The EU Commission, which acts as the EU competition enforcer, opened a full-scale investigation last December on concerns that the deal could lead to higher prices or reduce the quality of container terminal services.
Details of the Proposed Deal
Under the deal, Terminal Investment Limited Holding (TiL) — a unit of Switzerland-based MSC Mediterranean Shipping Company — and BlackRock would have acquired joint control of Hutchison's terminal at Barcelona port.
Significance of the Barcelona Terminal
The terminal is the main deep-sea gateway for cargo to and from Barcelona and its hinterland. It also connects with traffic to and from southern Europe.
Potential Impact on Rivals
The EU warned that the merged entity might have hampered rival container shipping companies, with MSC receiving preferential treatment.
Responses from Involved Parties
BlackRock, MSC and CK Hutchison did not respond immediately to requests for comment.
(Reporting by Inti LandauroEditing by David Goodman)
