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China Merchants takes over Shekou

China Merchants takes over Shekou

Shenzhen: China Merchants Holdings, which owns stakes in the country's five largest ports, is to spend US$408m to take control of Shekou Container Terminals in western Shenzhen. China Merchants said on Friday that it would pay HK$1.39bn (US$179m) to conglomerate Swire Pacific Ltd. and HK$1.78 billion to P&O Dover (Holdings) Ltd., a unit of Dubai Port World, for their entire interests in the Shekou port and form a holding company to hold the Shekou port. Modern Terminals will then take a stake in the new venture, eventually holding 20% - to China Merchants' 80% - of the Shekou facility, which is set to comprise nine berths by 2009. Shenzhen is the world's fourth busiest container harbour, with throughput rising 13% to 15.2m teu in the first 10 months of the year. "The deal does streamline the holding structures by 2009 for West Shenzhen (but is still complex till then)," Citigroup wrote in a research note.  [15/12/06]

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