China International Marine Containers (CIMC) has terminated an acquisition deal with AP Moller-Maersk (Maersk) related to a refrigerated containers manufacturer.
Last September, CIMC agreed to acquire Maersk Container Industry (MCI) from Maersk in a deal valued at around $987.3m.
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Significant regulatory challenges have prevented the closing of the transaction. As a result, the companies decided to terminate the agreement.
The intended divestment was expected to be completed this year, but the deal was subject to regulatory approvals, as part of the closing process.
Maersk CFO Patrick Jany said: “It is unfortunate that the transaction will not happen despite efforts of all parties involved. Throughout the process MCI has performed very well thanks to the dedication of all its employees.
“Maersk will continue to be a proud owner of MCI for the foreseeable future, and we will now assess the best structural set-up for MCI to ensure the long-term development of the business.”
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By GlobalDataMCI has research and development (R&D) and test engineering facilities in Denmark.
The company is engaged in the manufacturing of reefer containers and Star Cool refrigeration units in Qingdao, China.
With a network of more than 400 service providers, the company employs around 2,300 people.
In March, Maersk’s subsidiary APM Terminals announced plans to divest its 30.75% stake in Russia-based port operator Global Ports Investments.
The decision to divest the holding was fuelled by operational challenges following Russia’s military offensive against Ukraine.
