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BUSINESS & TECH

China Merchants Group Acquires 90% of Brazilian Port Operator

By April Ma and Sun Lizhao
China Merchants Port Holdings Co. Ltd. has agreed to spend $919 million for a 90% stake in the facilities operator of Brazil’s second-largest container terminal. Above, the Qingdao port's foreign-trade container terminal is seen on July 13. Photo: Visual China
China Merchants Port Holdings Co. Ltd. has agreed to spend $919 million for a 90% stake in the facilities operator of Brazil’s second-largest container terminal. Above, the Qingdao port's foreign-trade container terminal is seen on July 13. Photo: Visual China

A subsidiary of the state-owned conglomerate China Merchants Group has acquired a controlling stake in Brazil’s second-largest port.

The announcement came as leaders of the two countries met in China at an annual forum to discuss cooperation between five of the world’s largest emerging economies.

China Merchants Port Holdings Co. Ltd. (CMPort) has agreed to spend 2.89 billion reais ($919 million) for a 90% stake in TCP Participacoes, the facilities operator of Brazil’s second-largest container terminal at the southern Port of Paranagua.

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