Cosco Pacific to Buy Port Stake from Maersk

3 May 2010 (Last Updated May 3rd, 2010 18:30)

Cosco Pacific will pay Danish conglomerate AP Moller-Maersk $520m to acquire its stake in Yantian port in China. The acquisition will boost the Asian container-terminal operator's holding in Sigma Enterprises from 6.85% to 20.55%, according to a statement. Sigma owns controlli

Cosco Pacific will pay Danish conglomerate AP Moller-Maersk $520m to acquire its stake in Yantian port in China.

The acquisition will boost the Asian container-terminal operator’s holding in Sigma Enterprises from 6.85% to 20.55%, according to a statement.

Sigma owns controlling stakes in ventures that operate phases one to three of the Yantian terminals.

Cosco Pacific will finance the acquisition internally and may raise funds through “capital market transactions when it is appropriate,” the statement said.

In 2009 the Yantian terminals in the southern Chinese city of Shenzhen handled about 8.6 million teu.