DP World's Antwerp venture cleared

Brussels, November 19, 2008

State-owned investor Dubai World has won permission from EU competition authorities to form a venture for breakbulk services with Conti 7 and Rickmers at the Belgian port of Antwerp.

"The (European) Commission's investigation showed that the proposed transaction would not lead to increased market shares in breakbulk terminal services at the port of Antwerp," the European Union's executive arm said in a statement.

The three firms will invest about 50 million euros ($63 million) over the next four years in a new terminal, building new quay floors, warehouses and a state-of-the-art crane fleet, and increase the capacity to 2 million from 1.5 million tonnes.

DP World -- which operates 48 marine terminals and 13 new port developments in 31 countries worldwide -- will hold a 60 percent participating interest, while Conti Lines and the German Rickmers will each take 20 percent. - Reuters

Tags: DP World | Antwerp |