Mergers: EU Commission clears acquisition of joint control of PNIT by PSA and TIL

 

 

European Commission has approved, under the EU Merger Regulation, the acquisition of joint control of Pusan Newport International Terminal Co., Ltd. (‘PNIT’) of South Korea by PSA International Pte. Ltd. (‘PSA’) of Singapore and Terminal Investment Limited Sàrl (‘TIL’) of Switzerland.

PNIT, currently solely controlled by PSA, operates a container terminal in Busan New Port located in South Korea’s Southeastern port city of Busan. PSA is an international operator of port terminals, mainly active in the provision of stevedoring services at ports, with a particular focus on providing container terminal services for ocean carriers. TIL invests in, develops and manages container terminals around the world, often in joint ventures with other terminal operators.

It is indirectly jointly controlled by MSC Mediterranean Shipping Company of Switzerland and certain funds managed by Global Infrastructure Management, LLC of the US. The Commission concluded that the proposed acquisition would raise no competition concerns given its limited impact on the market. The transaction was examined under the simplified merger review procedure. More information is available on the Commission’s competition website, in the public case register under the case number  M.10545.

www.ec.europa.eu