China Shipbuilding, Mitsubishi, Wartsila Joint Venture Cleared by EU

The European Commission said it has cleared a proposed marine engine manufacturing joint venture between China Shipbuilding Industry Corporation, Japan's Mitsubishi Heavy Industries and Wartsila Oyj, estimated to be worth around $101m. The new company will be named Quingdao Qiyao Wartsila MHI Linshan Marine Diesel Company. Production is set to start during the fourth quarter of 2008. The deal was examined under the EU's 'simplified' merger review procedure, for cases which the commission believes do not pose competition concerns. China Shipbuilding produces ships and is active in marine equipment engineering, designing and manufacturing. Source: AFX