Billionaire logistics businessman Klaus Michael-Kuehne has praised China for rejecting the P3 alliance.

Kuehne, who owns logistics provider Kuehne + Nagel and is the largest individual shareholder in container line Hapag-Lloyd, said the move by China would preserve competition.

“The infinite wisdom of the Chinese has helped to ensure that competition between the leading shipping companies will continue to exist,” Kuehne said in a speech in Hamburg, Bloomberg reported. “From the point of view of the logistics industry and our trade and industry customers, this is good news in every respect.”

Last week the Chinese authorities rejected the proposed groundbreaking alliance of Maersk Line, Meditteranean Shipping Co (MSC) and CMA CGM on the grounds it breached the countries anti-monopoly laws.

The proposed alliance had already gained approval from the US and European authorities, but has been scrapped following the rejection by China.