Shanghai: Two great port adversaries, Shanghai and Ningbo, are coming together to form a jv investment firm. Just 70 miles apart, these two giants have fought over the same hinterlands for decades. Now, on March 29 they will form a 100m yuan company looking to invest in terminals, Lu Haihu the chairman of Shanghai International Port Group (SIPG) told local media yesterday. The jv comes 18 months after it was first mooted.
Currently their only investment connection is regarding China Merchants Holding (International), which is the second largest shareholder of both SIPG and also Ningbo Port Group. Another connection of sorts is that Ningbo is gearing up for a Shanghai listing in the second quarter this year. [19/03/10]
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