Deals
China Blocks European Shipping Pact, Sending Maersk Down
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China blocked formation of a global alliance by the world’s three biggest shipping lines, ignoring Western approval of the plan and sending A.P. Moeller-Maersk A/S shares tumbling the most in two years.
The Chinese Ministry of Commerce said late yesterday that the proposed P3 vessel-pooling accord, which also included Mediterranean Shipping Co. and CMA CGM SA, would “restrict competition” on the busiest Asia-Europe container routes.