MSC and BlackRock withdraw approval request for purchase of stake in Barcelona port
BLK•Withdrawal of EU approval request
BRUSSELS, Aug 10 (Reuters) - Shipping giant MSC and buyout fund BlackRock withdrew their request to the European Union's antitrust regulator to approve their plan to buy the Barcelona port terminal owned by CK Hutchison, a regulatory filing showed.
The EU Commission, which acts as the EU competition enforcer, opened a full-scale investigation last December on concerns that the deal could lead to higher prices or reduce the quality of container terminal services.
Details of the proposed terminal acquisition
Under the deal, Terminal Investment Limited Holding (TiL) — a unit of Switzerland-based MSC Mediterranean Shipping Company — and BlackRock would have acquired joint control of Hutchison's terminal at Barcelona port.
The terminal is the main deep-sea gateway for cargo to and from Barcelona and its hinterland. It also connects with traffic to and from southern Europe.
The EU warned that the merged entity might have hampered rival container shipping companies, with MSC receiving preferential treatment.
BlackRock, MSC and CK Hutchison did not respond immediately to requests for comment.
