(Yicai Global) June 13 -- Chinese trans-oceanic shipping leviathan COSCO Shipping Holdings Co. (COSCO Shipping) [HK:1919; SHA:601919] will spend USD241.6 Million (EUR203.5 million) to take a 51 percent equity stake in Spanish port company Noatum Port Holdings, S.L.U. (NPH).
Its subsidiary COSCO Shipping Ports (Spain) Co.) agreed with its counterpart TPIH Iberia, S.L.U. that, after the conditions for this eventuate, TPIH has the right to require COSCO Shipping Ports Spain to buy the other 49 percent of NPH's equity, COSCO Shipping announced June 12.
NPH mainly engages in development, operation and management of the Spanish ports of Valencia and Bilbao. It also controls two container wharf companies and one auxiliary railway company.
The acquisition will help consummate the overall distribution of COSCO Shipping in the Mediterranean and Europe, per the announcement. NPH's two container wharfs in Valencia and Bilbao will receive support from COSCO Shipping's container fleet and ocean alliance.