BEIJING (Reuters) - China’s commerce ministry said on Wednesday it has granted conditional approval for Maersk Line’s planned acquisition of Hamburg Sud.
Maersk Line, the world’s biggest container shipping company, will pay 3.7 billion euros ($4.3 billion) to buy German rival Hamburg Sud.
The ministry, in a statement, said the company could not enter a new ship sharing alliance on Far East-South America routes in the five years after the deal.
The company will withdraw some ships from certain routes such as the Far East-western coast of South America, it added.
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Reporting by Beijing Monitoring Desk and Brenda Goh; Editing by Manolo Serapio Jr. and Susan Fenton