Independent journal on economy and transport policy
18:05 GMT+1
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Maersk Container Industry will not become the property of China's CIMC
The U.S. Department of Justice rejects the settlement
August 26, 2022
The proposed acquisition was abandoned after yesterday the US Department of Justice announced the outcome of its own investigation on this sale that - explained the American ministry - would represent the merger of two gods four global suppliers of reefer containers and containers insulated and would further concentrate the supply chain global cold. In addition, the DOJ highlighted that the transaction would have transferred to Chinese state-owned companies or companies controlled by Beijing over 90% of container production refrigerated and isothermal.
"American consumers," said Jonathan Kanter, Deputy Attorney General of the Department's Antitrust Division of Justice - depend on the supply chain of the world cold for many of the daily necessities. The acquisition of MCI by CIMC threatened to damage this essential aspect of our economy resulting in higher prices, lower quality and less resilience in global supply chains. It would consolidate cimc's dominant position in a sector that is already consolidated and would have eliminated MCI as an innovative competitor and independent. Moreover - Kanter specified - the agreement would have significantly increased the risk of coordination between the remaining suppliers on the market, most of whom would have been controlled through common property or alliances."
"It's a shame - complained the director financial group A.P. Møller-Mærsk, Patrick Jany - that the transaction cannot be completed despite the efforts made by all parties involved. Throughout the MCI procedure has performed very well thanks to the dedication of all its employees. In the near future Maersk will continue to be proud owner of MCI and now - has added Jany - we will evaluate the best structural set-up for MCI at in order to ensure the long-term development of the business'.
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The proposed acquisition was abandoned after yesterday the US Department of Justice announced the outcome of its own investigation on this sale that - explained the American ministry - would represent the merger of two gods four global suppliers of reefer containers and containers insulated and would further concentrate the supply chain global cold. In addition, the DOJ highlighted that the transaction would have transferred to Chinese state-owned companies or companies controlled by Beijing over 90% of container production refrigerated and isothermal.
- Via Raffaele Paolucci 17r/19r - 16129 Genoa - ITALY
