The Ministry of Commerce (MOFCOM) of the People’s Republic of China denied support to the P3 Network, proposed by Mærsk A/S (Maersk Line) together with MSC Mediterranean Shipping Company S.A. and CMA CGM S.A., according to World Maritime News.
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,” A.P. Møller – Mærsk A/S said in a statement.
The P3 Network agreement received support from the US and EU, however, competition and maritime authorities in China decided that the project would not go ahead.
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