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China Merchants to buy Brazil's No 2 box port for US$920 million
HONG KONG based China Merchants Port Holdings (CM Port) has announced it will buy 90 per cent of in TCP Participacoes SA, the operator of Brazil's second biggest container terminal for BRL2.89 billion (US$920 million).
"TCP is not only CM Port's cornerstone to enter Brazil, but also the future hub of the rising commodity and goods trade flow between Brazil and China," said CM Port managing director Bai Jingtao.
TCP and its subsidiaries operate the port of Paranagua in southern Brazil, 300 kilometres from Sao Paulo.
China Merchants Port operates ports in mainland China and Hong Kong, as well as around the world in locations including Sri Lanka, Djibouti and the United States. The new deal is part of its expansion into Latin America.
"TCP is not only CM Port's cornerstone to enter Brazil, but also the future hub of the rising commodity and goods trade flow between Brazil and China," said CM Port managing director Bai Jingtao.
TCP and its subsidiaries operate the port of Paranagua in southern Brazil, 300 kilometres from Sao Paulo.
China Merchants Port operates ports in mainland China and Hong Kong, as well as around the world in locations including Sri Lanka, Djibouti and the United States. The new deal is part of its expansion into Latin America.
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