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		</div><p>The world’s biggest shipping company, AP Moeller-Maersk of Denmark, has acquired Hong Kong-based LF Logistics in a deal worth 3.6 billion US dollars (£2.7 billion) — one of the Danish group’s biggest acquisitions ever.</p>
<p>“It will allow us to go deep into Asia, which is the fastest-growing market,” Vincent Clerc, Maersk’s chief executive of ocean and logistics, told The Associated Press. “With this move, we will boost our warehousing and distribution offering.”</p>
<p>Maersk said LF Logistics operates an extensive Asia-Pacific network and is a strong base for it to expand in the region and globally. With the acquisition, the company will add 223 warehouses, bringing its total number to 549 globally.</p>
<p>As part of the agreement, Maersk will enter a strategic partnership to develop logistics solutions with Li &; Fung, which holds a stake of more than 78% in LF Logistics. The rest is held by Temasek Holdings, a Singapore sovereign wealth fund. Maersk said it will acquire 100% of the shares.</p>
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<p>Spencer Fung, group executive chairman of Li &; Fung, said the company’s “divestment of LF Logistics will further simplify our business to focus on our core trading and supply chain digitalisation capabilities, which have seen a strong rebound back to pre-Covid levels.”</p>
<p>The acquisition is subject to regulatory approval. It is Maersk’s second largest, following a 2016 deal to buy German container shipping company Hamburg Sud.</p>
<p>The Copenhagen-based group operates in 130 countries and employs about 95,000 people.</p>
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