Hutchison Port Holdings (HPH) is in the final stages of concluding an agreement whereby HPH, together with Rotterdam Municipal Port Management (RMPM) and financial institutions, will acquire Europe Combined Terminals BV (ECT).
HPH, through its subsidiary Hutchison Atlantic, will hold a 35% interest in ECT. RMPM will invest through an investment vehicle, which will also hold a 35% interest. Financial institutions will participate with a total of 28% and will include ABN AMRO Participaties. In a new development for ECT, the remaining 2% will be set aside for the benefit of employees. Completion is expected by 30 September 1999.
This shareholding structure brings together a shareholder group which can provide a strong platform for the continued growth of ECT.
On 10 March 1999, HPH and RMPM had notified the European Commission of their intention to acquire joint control of ECT. The Commission expressed concerns regarding the proposed acquisition. The parties did not agree with the analysis on which those concerns were based. However, on 30 July 1999, HPH and RMPM advised the Commission that they had decided to abandon the proposed transaction and therefore the Commission has terminated its inquiry into that transaction.
Under the new shareholding structure, there will be no joint or single shareholder with control, therefore the acquisition will not fall within the jurisdiction of the Commission’s Merger Task Force.
HPH does not expect to make any further announcements regarding this transaction until completion.