The MOFCOM blocks a transaction notwithstanding the fact that both U.S. and EU authorities had chosen not to challenge the joint venture (MSC / CMA CGM / P3)

For only the second time since it began reviewing mergers and joint ventures in 2008, when China’s Anti-Monopoly Law (AML) came into effect, China's Ministry of Commerce (MOFCOM) has blocked a proposed transaction rather than addressing its competition and trade policy concerns through some form of remedy. It did so notwithstanding the fact that both U.S. and European authorities had chosen not to challenge the joint venture. The transaction involved a proposed operational joint venture by three large global shipping companies. The joint venture, to be known as P3 and announced in June 2013, called for Denmark’s A.P. Moller-Maersk along with Swiss firm Mediterranean Shipping Company (MSC) and France’s CMA CGM to pool about 250 ships in order to utilize more efficiently their combined

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  • Davis Polk & Wardwell (New York)

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Michael N. Sohn, The MOFCOM blocks a transaction notwithstanding the fact that both U.S. and EU authorities had chosen not to challenge the joint venture (MSC / CMA CGM / P3), 17 June 2014, e-Competitions Bulletin June 2014, Art. N° 69342

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