China regulator approves ANA Holdings’ takeover of Nippon Cargo with conditions

China’s market regulator said it has approved ANA Holdings Inc’s (9202.T), opens new tab acquisition of Nippon Cargo Airlines (NCA) with conditions, including a set of binding commitments to preserve fair competition in the China-Japan air cargo market. The Chinese regulator’s approval has cleared the way for ANA, Japan’s largest airline, to buy NCA to bolster international cargo operations, after multiple delays.

The regulator’s stipulation is intended to ensure that the transaction does not unfairly restrict competition in a crucial regional trade corridor, according to a report by Reuters.

This marks another step forward for ANA’s long-planned acquisition of NCA from the NYK Group, after Japan’s Fair Trade Commission gave its approval earlier this year in January.

Originally announced in March 2023, the acquisition was initially expected to be completed by 1 October 2023. However, the timeline was pushed back due to regulatory reviews in key jurisdictions.

Following the latest approval from Chinese authorities, ANA now expects to finalise the takeover on 1 August 2025.

The acquisition of NCA, a significant cargo operator, is seen as a strategic move for ANA as it looks to strengthen its position in the growing Asia-Pacific freight market.

The integration is expected to enhance ANA’s cargo capacity and network, particularly between Japan and major Chinese and Southeast Asian markets.

Analysts say the conditions imposed by Chinese regulators reflect increasing scrutiny of cross-border aviation and logistics mergers, particularly in markets where cargo volumes have become vital to supply chains and trade resilience.