European Commission approves Hapag Lloyd-UASC deal
The European Commission (EC) has approved the proposed acquisition of the United Arab Shipping Company (UASC) by the German Hapag-Lloyd.
The acquisition’s clearance is conditional on the withdrawal of UASC from the NEU1 consortium on the trade routes between Northern Europe and North America.
Hapag-Lloyd offered the termination of UASC’s participation in the consortium to address the EC’s concerns that the merged entity would have faced insufficient competitive constraint on those routes.
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