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China Merchants set to buy share of major Brazilian port

China Merchants set to buy share of major Brazilian port

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China Merchants Group (CMG) is closing in on completing the purchase of a 50% holding in Brazil’s second-largest container port, according to Reuters citing Brazilian newspaper O Estado de S Paulo.

The Hong Kong-based, China state-owned conglomerate is well advanced in talks with potential seller Advent International Corp, a US-based global private equity investor.

At stake is a half share of TCP Terminal de Conteineres de Paranaque, in the southern state of Parana.

The facility handles 1.2 million teus annually. It has an 879-metre long dock front with three docking positions.

Previously Advent had been talking with Dubai-based DP World about a deal but those discussions ran into problems.

Last August, Advent was reported to be seeking a price for the stake that would value the whole port at $1.1bn.

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Donal Scully

With 28 years experience writing and editing for newspapers in the UK and Hong Kong, Donal is now based in California from where he covers the Americas for Splash as well as ensuring the site is loaded through the Western Hemisphere timezone.

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