The European Commission said it has cleared PSA International's proposed US$62.2 million container terminal joint venture with International Port Holdings at Great Yarmouth in the UK.
The transaction was reviewed under the EU's simplified merger review procedure for cases the commission believes are unlikely to pose competition concerns.
PSA will hold a 60 percent stake in the joint venture while IPH will own the remaining 40 percent. The joint venture will invest an initial $62.2 million to develop the first phase of the terminal.
To be operational in late 2008, the first phase will have annual capacity of 250,000 TEUs. The venture will have terminal operating rights for 30 years, which can be extended for another 30 years.
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