Photo: APM Terminals
COSCO Shipping Ports, a subsidiary of COSCO Shipping, has put on the table EUR 35 million for 74% of the container terminal’s shares.
The deal is expected to close by the end of this year’s November. However, it is subjected to adjustments and fulfillment of conditions precedent. As part of the transaction, APM Terminals has proposed to buy back 25% of the Shanghai International Port Group shares, and will then sell them together with APM Terminals’ own 51% stake in Zeebrugge to COSCO Shipping Ports. This transaction is subject to customary regulatory approvals, estimated to take three to four months for completion.
APM Terminals Zeebrugge was launched in 2006 and offers now 1.0 million TEU/year of capacity. COSCO became its minority shareholder in 2014, buying a 24% stake.