China Merchants to run Newcastle Port

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]

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