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Cosco Pacific spends $520m buying Maersk's Yantian stake

Cosco Pacific spends $520m buying Maersk's Yantian stake

Hong Kong: Cosco Pacific, the Hong Kong-listed operator of container ports, last night raised HK$4.67 billion ($601 million) from a successful top-up placement. The deal was launched minutes after the company announced that it has agreed to an acquisition that will increase its effective stake in China's Yantian port at a total cost of $520 million.??
The acquisition will see Cosco Pacific buy the entire 13.7% stake in a company named Sigma Enterprises held by Danish conglomerate A.P. Moeller-Maersk, increasing its own holdings in Sigma to 20.55% from 6.85%. Sigma owns 73% in the joint venture that operates and manages Yantian Terminal (Phase I and Phase II), 65% in the JV that operates and manages Yantian Terminal (Phase III) and 65% in the JV operating Yantian's West Port. Hutchison Port Holdings is the major private shareholder in Yantian.
??"As Southern China is one of the most dynamic regions in the global economy, and the port sector directly benefits from the recovery of the global economy from the financial crisis as well as [China's] continuous economic growth, the company believes that the business of the Yantian Terminals will continue to grow in the coming years," it added. [30/04/10]?

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