The European Commission has recently okayed the joint venture between French shipping company, CMA CGM, and Chinese logistics firm, China International Marine Containers Neocontainer (CIMC Neocontainer).
“The Commission has concluded that the proposed acquisition would raise no competition concerns given its very limited impact on the market,” the European Commision said.
The joint venture is expected to provide container storage management, container handling, and container repair at the Tianjin port, which is the largest port in Northern China and the main maritime gateway to Beijing.
CMA CGM informed the European Commission last month of its intent to acquire the joint control of a newly-created joint venture for the provision of container yard services in Tianjin port.
After looking into the proposed deal, the European Commission has decided "not to oppose" the notified operation and to declare it compatible with the internal market and with the EEA Agreement.