The Russian Federal Anti-Trust agency has turned down the application submitted by TransContainer to acquire 100% in Logistika Terminal, a ‘dry port’ asset of Global Ports.
The Anti-Trust agency believes the acquisition would lead to ‘creating a vertical chain of key transport assets (fitting platforms, container and dry ports – rail container terminal), which would allow of unilaterally influencing the general conditions of container transportation by rail to the Big Port of St. Petersburg, which … may lead to strengthening TransContainer’s dominating position in the respective commodity markets’.
‘Taking into account the aforesaid, this deal may lead to limiting competition in the market of rail container transportation to the Big Port of St. Petersburg’, said the Agency in a statement.
TransContainer signed an agreement on acquiring Logistika Terminal for 1.9 bn rubles ($32 mn) from First Container Terminal, a subsidiary of Global Ports Investments, in August this year. Global Ports intended to use the proceeds to leverage its debts.