Sydney: Hastings Funds Management and China Merchants have won the auction for Australia’s Port of Newcastle, paying a A$1.75 bn to secure a 98-year lease on the port.
“This momentous result exceeds all expectations,” said New South Wales Premier Mike Baird.
The two companies are believed to have created a 50:50 vehicle to run the port. The pair beat out four other bidders for the deal. Newcastle is the world’s largest port for coal. [30/04/14]