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China Merchants Port to Acquire Stakes in 10 Terminals from CMA CGM

Thursday, 28 November 2019 | 00:00

Chinese state-owned conglomerate China Merchants Group’s port operation unit agreed to acquire interests in 10 terminals from French container shipping giant CMA CGM for $468 million.

The deal followed an overseas port investment earlier this month by another Chinese state-owned shipping company, Cosco, showing China’s ambition to reach out to global ports as part of the Belt and Road Initiative.

China Merchants Port Holdings Co. already owns a 49% stake in a joint venture with the French shipper. As part of the deal, China Merchants Port will buy as much as $468 million of convertible bonds issued by the joint venture, Terminal Link, and will loan as much as $500 million to CMA CGM, according a Monday statement.
Source: Caixin

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