A PYMNTS Company

US: FTC seeks to block Wilhelmsen-Drew marine Merger

By  |  February 25, 2018

The US Federal Trade Commission (FTC) said on Friday, February 23, it would challenge in court the Norwegian company Wilhelmsen Maritime Services’ plan to buy smaller US rival Drew Marine Group.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    The FTC said the US$400 million proposed deal would reduce competition in the market for marine water treatment chemicals, used in a ship’s boiler water and engine cooling water systems.

    If Wilhelmsen closes the deal with New Jersey’s Drew Marine, the FTC said the company would have 60% of the market for marine water treatment chemicals, while its closest competitor would have 5%.

    The FTC has filed an administrative complaint with an agency judge asking for the deal to be scrapped.

    It also authorized staff to request a preliminary injunction in federal court temporarily stopping the deal while the administrative process goes forward.

    Full Content: Reuters

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.