EU Expected To Open Full Antitrust Investigation Into MSC-BlackRock Bid For Barcelona Terminal

The European Commission is preparing to open a full antitrust investigation into MSC and BlackRock’s bid for CK Hutchison’s terminal at the Port of Barcelona. The investigation is expected to begin once the Commission’s preliminary assessment concludes on 10 December.

The deal would give joint control of the Barcelona terminal to Terminal Investment Limited (TiL), MSC’s Switzerland-based port operating unit, and BlackRock.

The facility can handle multiple mega-ships at the same time and houses the EU’s largest rail terminal on the Mediterranean, featuring an eight-track layout linking the port to major cargo routes across southern Europe.

According to the source, the forthcoming scrutiny could lead the Commission to request remedies from the companies before any approval is granted.

Full-scale investigations normally last around four months or more and may result in divestments or other commitments to ease competition concerns.

The Commission declined to comment. BlackRock did not respond to repeated emailed requests for a statement.

MSC stated that the Spanish transaction is separate from, and predates, the joint BlackRock–MSC bid for most of CK Hutchison’s global portfolio of port assets.

Hong Kong tycoon Li Ka-shing’s CK Hutchison aims to sell its 80% stake in the US$22.8 billion ports business, which spans 43 terminals across 23 countries.

It remains unclear whether the European parts of the wider sale, which include operations in Belgium, Poland and the Netherlands, may also face scrutiny later. Assets outside the EU fall beyond Brussels’ jurisdiction.

The package has attracted political sensitivity due to ongoing China–U.S. tensions, particularly as it features two terminals located along the strategically important Panama Canal. Although the Barcelona deal is limited to Spain, it sits within this larger geopolitical backdrop.

TiL already operates a terminal at the Port of Valencia, a fact that may factor into the Commission’s competition analysis as it weighs MSC’s growing presence in Spain’s container sector.

Reference: Reuters

Source: Maritime Shipping News