COSCO Shipping Ports announced a major new incursion into the European ports sector today in the form of an agreement to take over from APM Terminals as majority shareholder in APM Terminals Zeebrugge (APMTZ).
The Chinese group, which has made a number of investments in the European ports sector in recent months, is to buy out its partners, APM Terminals and Shanghai International Port Group (SIPG), for EUR35 million (USD42.04 million).
Under the terms of the agreement, which the two parties hope to finalise by the end of November, APM Terminals, which has a 51% holding in the terminal, will acquire the 25% held by SIPG and then sell the resulting 76% holding to COSCO Shipping Ports.
APM Terminals opened the Zeebrugge terminal in 2004 and sold COSCO its existing 24% stake in 2014.
COSCO Shipping and its Ocean Alliance partners are currently the port
Topic: Cosco Shipping Ports buys Zeebrugge terminal from APM Terminals (Read 1530 times)