Monday, July 21, 2014
China Merchants in talks to buy stake in Australia ports business
Australian port and logistics group Asciano is reportedly in talks to sell a stake to state-run China Merchants Group in a deal may be worth up to $1 billion.
In a statement to the Australian Securities Exchange on Friday, Asciano said it "has been, and continues to be, in discussions with third parties in relation to a potential sale of a non-controlling interest in its terminals and logistics business division."
Asciano shares rose 4.4 percent to their highest level in eight months.
Chinese firms are increasingly interested in Australian logistics firms, which are seen as dependable long-term investments with predictable returns.
In April, China Merchants Group teamed with Australia's Hastings Funds Management to buy the Port of Newcastle from the New South Wales state government for $1.64 billion.
For more of the Reuters story: in.reuters.com
More Newswire stories
West Coast ports labor and cargo update
Ship’s crew protests employer’s failure to pay at Port of Long Beach
U.S. House passes $10.9B extension of transportation bill through May 15
Hyundai sells logistics group to Japan’s Orix
FedEx indicted for shipping drugs from illegal pharmacies
Home | The Magazine | Conferences | Port Handbooks | Newswire | Advertise | Ocean Schedules | Contact
CBN Archives | About CBN | Subscribe to CBN | Marine Fuels Conference | Southeast Freight Conference | Heartland Shippers’ Conference | Port Productivity Conference | Pacific Northwest Ports Handbook
Golden Gates Ports Handbook | Southern California Ports Handbook | Buy Handbooks | Subscirbe to Newswire | Newswire Archives | Upload Files