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Maersk shares dive as China blocks EU pact

Proposed accord will restrict competition on the busiest Asia-Europe container routes: Beijing

Hitting the bottom: Shares of Maersk, the world's biggest container line, fell as much as 8.3 per cent yesterday, the steepest intraday decline since May 16, 2012. - PHOTO: AFP

[HONG KONG] China blocked the formation of a global alliance by the world's three biggest shipping lines in a surprise move that ignored Western approval of the plan and sent AP Moeller-Maersk A/S shares tumbling the most in two years. The Chinese Ministry of Commerce said on its website that