COSCO to acquire APM Zeebrugge terminal
As part of the transaction, APM Terminals has proposed to buy back 25% of the Shanghai International Port Group (SIPG) shares to sell to 24% stakeholder COSCO SHIPPING Ports, along with its own 51% stake in the Belgium-based terminal.
COSCO SHIPPING and its alliance partners have become major customers of the port and Mr Lagaay explained: “We believe COSCO SHIPPING Ports is the right long-term owner of the Zeebrugge facility and will continue to grow the port for customers, employees and the Zeebrugge stakeholder community.”
The businesses are expected to close the deal in November. Further details of the transaction have not been disclosed.
The 1m teu annual capacity terminal was opened by APM Terminals in October 2006. In 2014, APM Terminals sold COSCO SHIPPING Ports its 24% share. ■