The European Commission has announced that it has approved APMH Invest, a subsidiary of A.P. Moller Holding, and a joint venture acquisition of Mitsui & Co., Ltd.
The committee said that due to the limited impact of the acquisition on the market, the proposed acquisition will not attract competition concerns.
Under the proposed transaction, the Maersk product tanker and Mitsui & Co. intend to establish a joint venture called Maersk Product Tankers A/S. According to the disclosure, Mitsui will acquire part of the Maersk refined oil tanker from APMH Invest, while APMH Invest holds the remaining shares.
The transaction is also a key step for the Maersk Group to focus on consolidation, ports and logistics. Previously, the group sold its oil and gas business unit Maersk oil to Total in August 2017 at a price of US$7.45 billion.
Previously, in September 2017, the Maersk Group announced that the company had signed an agreement to sell Maersk Tankers to APMH Invest in cash transactions of a total value of US$1.17 billion. The Maersk Group stated that the proceeds from the sale of Maersk Tanker will be used to reduce debt.
P.Muller Holdings previously announced that it plans to establish an equity alliance with Japan's Mitsui & other potential partners in the Maersk Tanker fleet, of which A.P. Miller Holdings will become a major shareholder.