BRASILIA: Container carrier MSC, partner with Maersk Line in the 2M alliance, will now gain full control of Brazil’s second-largest port in the city Portonave, one of the country’s most important shipping and export ports for Brazilian food exports.
Swiss Mediterranean Shipping Company (MSC) is taking over the remaining 50 percent of the shares in Portonave S.A. via port company Terminal Investment Limited (TIL) for a total value of BRL 1.3 billion (USD 393 million), informs the seller of the stake, listed Brazilian investment company TPI Triunfo, in a statement.
The completion of the transaction is subject to approval by Brazil’s competition authority CADE and is contingent on whether the deal meets a set of requirements, according to a corporate statement released in São Paulo.
According to the latest estimates from Brazilian analyst institute Datamar, MSC handles around 25 percent of the reefer container transport out of Brazil.
Along with Maersk Line and the carrier’s acquisition of Hamburg Süd, around two thirds of the market will be controlled by three shipping groups, including Hapag-Lloyd, which has in recent years merged with CSAV in Chile and Arab UASC.
