The European Commission has approved the acquisition of joint control over Belgium-based PSA Breakbulk NV and Coil Terminal NV by Singapore’s PSA International and Austria’s Felbermayr Holding.
“The Commission concluded that the proposed acquisition would raise no competition concerns given its limited impact on the market,” the EC said in a statement.
PSA Breakbulk and Coil Terminal are general cargo handlers in the Port of Antwerp, Belgium, with a focus on steel products.
PSA is a global operator of shipping terminals mainly active in the provision of stevedoring services at ports, with a particular focus on terminal services for container liner ships.
Felbermayr is a diversified holding company active in transport and lifting technology, building and construction, and maritime logistics services mainly within the European Economic Area.
On 10 May 2021, the EC was notified that PSA, through PSA Antwerp NV, and Felbermayr, through Haeger & Schmidt Logistics Belgium NV, submitted a request for the joint control of the newly established MergeCo, containing PSA Breakbulk NV and Coil Terminal NV.
Under the deal, Felbermayr shall acquire from PSA shares of PSA Breakbulk in order to hold for 50% of the aforementioned company.
Additionally, Coil Terminal shall merge with PSA Breakbulk.