Danish shipping giant A.P. Moller-Maersk (Maersk) has walked away from purchasing Deutsche Bahn’s logistics unit DB Schenker. Maersk was one of the candidates interested in purchasing DB Schenker valued at more than €15 billion ($16.1 billion). 

Other shortlisted candidates were DSV, Bahri and a consortium comprising CVC, ADIA and GIC. Maersk however, pulled out of the bidding following an in-depth due diligence over the past weeks. Citing Maersk CEO Vincent Clerc, Bloomberg reports that DB Schenker was an interesting company with potential for Maersk, which is why it looked into the opportunity.

“The in-depth review also identified areas of challenges from an integration perspective and ultimately, we concluded that acquiring DB Schenker would not be the right thing to do for our business at this time,” Clerc was reported as saying.

Furthermore, Deutsche Bahn reportedly said that the sales process is going according to plans, with discussions ongoing with various parties.

It was previously reported that bids ranged from €13 billion to €15 billion, with Deutsche Bahn aiming to use the proceeds to cut its €34 billion debt. Once the binding offers are collected and examined, an agreement with the final buyer will be completed. The deal is expected to be reached before the end of the year, with the sale completion expected in 2025.