The Competition and Consumer Commission of Singapore has found in a provisional decision the proposed acquisition by Norway’s Wilhelmsen Maritime Services of US rival Drew Marine’s technical solutions to be anti-competitive
Singapore – The Competition and Consumer Commission of Singapore(CCCS) has found in a provisional decision the proposed acquisition by Norway’s Wilhelmsen Maritime Services AS (WMS) of US rival Drew Marine’s technical solutions to be anti-competitive.
In a media statement CCCS says that “the proposed acquisition by WMS of sole control over DMTS is likely to result in a substantial lessening of competition in the market for the supply of marine water treatment chemicals …thereby infringing section 54 of the Competition Act which prohibits anti-competitive mergers.”
According to the CCCS, the $400 million proposed deal would have reduced competition in the market for marine water treatment chemicals, used in a ship’s boiler water and engine cooling water systems.
In Februrary the United States’ Federal Trade Commission (FTC) had issued an administrative complaint against the merger. If Wilhelmsen will close the deal with New Jersey’s Drew Marine, says FTC, the company would have 60 percent of the market for marine water treatment chemicals, while its closest competitor would have 5 percent.
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Source: The Medi Telegraph
