Maersk gives up P3 Network after China rejects plan

COPENHAGEN, June 17 Tue Jun 17, 2014 6:43am EDT

COPENHAGEN, June 17 (Reuters) - A.P. Moller-Maersk said on Tuesday it had abandoned its P3 network plan after China's Ministry of Commerce announced it had not approved it.

The idea, announced last June, called for the company along with Swiss firm Mediterranean Shipping Company (MSC) and France's CMA CGM to pool about 250 ships seeking to cut costs. (Reporting by Ole Mikkelsen; editing by Jason Neely)