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AP Moeller Maersk A/S abandons plans to establish P3 Network

Tuesday, 17 Jun 2014 06:05am EDT 

AP Moeller Maersk A/S:Says that on June 18, 2013 it announced that the company together with MSC Mediterranean Shipping Company SA and CMA CGM SA (the Partners) had agreed in principle to establish an alliance named the P3 Network.The establishment was subject to approvals from relevant regulatory authorities.On June 17 the Ministry of Commerce (MOFCOM) of the People’s Republic of China announced that they have not approved the P3 Network.The MOFCOM’s decision follows a review under China's merger control rules.The Partners take note of and respect MOFCOM’s decision.Subsequently, the Partners have agreed to stop the preparatory work on the P3 Network and the P3 Network as initially planned will not come into existence.The lack of implementation of the P3 Network will have no material impact on the Maersk Group’s expected result for 2014.