COSCO acquires 40% stake in Italy's VadoStaff 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
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. ■