Cosco Pacific to Buy a 35% Stake in Euromax Terminal Rotterdam
China’s Cosco Pacific Ltd. will buy 35 percent of Euromax Terminal Rotterdam BV for 125.4 million euros ($143 million) for shares and loans amid an overseas expansion drive by Chinese companies.
Euromax is indirectly owned by Hutchison Port Holdings Ltd. (HPH), which in turn is owned by Hong Kong billionaire Li Ka-shing’s CK Hutchison Holdings Ltd.
Cosco Pacific will pay 41.4 million euros and assume 84 million euros of debt equivalent to 35 percent of a loan, Cosco Pacificsaid in a statement.
Euromax is principally engaged in the business of operating the Euromax Terminal Rotterdam, which is located in Maasvlakte I of the Port of Rotterdam in the Netherlands.
It is an automatic container terminal which commenced operations in mid-2010. It has an annual handling capacity of 3.2 million TEU. The total throughput of the terminal in 2015 was about 2.28 million TEU.
The Port of Rotterdam is the largest port in Europe and one of the major hub ports in the world. Rotterdam is located at the junction of land-based "Silk Road Economic Belt" and ocean-going "Maritime Silk Road".
Signing of this Agreement will further strengthen the long-term relationship and co-operation of COSCO Shipping and HPH to capture the investment opportunities arising from the China’s “Belt and Road” initiative.
Meanwhile, Port of Rotterdam will further consolidate its position as a major hub port and gateway of Europe. Going forward, COSCO Shipping and HPH will be mutually benefitted by enhancing their complementary advantages for further co-operation in future port investments.
