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COSCO acquires 40% stake in Italy's Vado

Staff Writer | October 18, 2016
China's COSCO Shipping Ports said that its subsidiary has acquired a 40-percent stake in Italy's Vado Holding from Maersk Group's APM Terminal for 53 million euros ($58.3 million).
Acquisition   Maersk Group will get $58.3 million
Vado Holding operates the Vado Reefer Terminal in northwest Italy, one of the largest reefer terminals in the Mediterranean region, with an annual handling capacity of 300,000 TEUs (Twenty Foot Equivalent) in addition to 600,000 pallets.

COSCO said it is building a new container terminal to be completed in 2018 at Vado with initial annual capacity of 600,000 TEUs and will later upgrade to 900,000 TEUs.

The company said the acquisition of Vado ports is in line with its strategy of developing overseas shipping hubs and strengthening its global network of container terminals.