Acquisition of Royal P&O Nedlloyd by Maersk Cleared by EU and US
published: cw 30, 2005 in Mergers & acquisitionsThe European Commission (”EC”) and the United States Department of Justice (”DOJ”) have cleared the envisaged acquisition of Royal P&O Nedlloyd by Maersk.
In order to get EC clearance Maersk and Royal P&O Nedlloyd have committed to divest the business of Royal P&O Nedlloyd on the trade between Europe and South Africa if the offer is completed. Maersk will maintain its existing business on the trade between Europe and South Africa.
Further, if the offer is completed, Royal P&O Nedlloyd will withdraw from some conferences and consortia, notably on the trades between Europe and Africa, Australia, New Zealand, North America and Central America. These withdrawals will take effect at the expiration of the relevant notice periods. Maersk will remain in the conferences and in the consortia of which it is a member.
As for the United States, the waiting period required under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (”HSR Act”), as amended, applicable to Maersk’s envisaged acquisition of Royal P&O Nedlloyd, has expired without further action by the DOJ which means that the requirements of the HSR Act have been satisfied. The EC cleared the transaction on 29 July 2005.
Royal P&O Nedlloyd’s shareholders have the opportunity to tender their shares until expiry of the acceptance period on 4 August 2005 at 15:00 hrs. Amsterdam time.
Source: PO Nedlloyd
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