Cosco Shipping bolstered its ports footprint yesterday, moving to take a 15% stake in Shanghai International Port Group (SIPG) as well as buying out Noatum, a Spanish port operator.
Cosco is paying Shanghai Tongsheng Investment $2.78bn for its SIPG buy-in, making it the third largest shareholder in the giant port group.
Meanwhile, it has agreed to pay $228m to take a 51% stake in Noatum Port Holdings, which operates box terminals in Valencia and Bilbao. Cosco may come in for the remaining 49% stake at a later date.
Cosco is building up a notable southern European port network, having agreed to take a majority stake in Greece’s Piraeus port last year.