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China COSCO to buy stake in Taiwan port terminal

Tuesday, 21 February 2012 | 11:00
Shipper China COSCO is in talks to buy a stake in a port terminal operated by Taiwan's Yang Ming Marine Transport, two sources close to the matter said on Monday, the first such investment across the Taiwan Strait, Reuters reports. COSCO will be joined in the deal by Japan's Kawasaki Kisen Kaisha, and hopes to reach an agreement in the first half of 2012 for a stake in the No 6 terminal at the southern port of Kaohsiung, the sources said. No further details were available.
One of the sources said that China Merchants Holdings and several unnamed U.S. firms had also approached Yang Ming about investing in the terminal.
Yang Ming President Robert Ho said that several parties were involved in the process, but declined to give names or other details.
Business ties between Taiwan and China have reached their best level in 60 years after the island's government began a policy of economic rapprochement with its political rival, and are expected to accelerate further after the government was re-elected on Jan. 14.
China COSCO, Yang Ming and Kawasaki are all members of CKYH-the Green Alliance of freight shippers.
The No 6 terminal at the port can berth four large ships at a time, and Yang Ming has 50-year rights to operate it under an agreement with Taiwan's government.
Shares in Yang Ming closed up 2.45 percent, beating the main board's 0.77 percent gain. COSCO jumped 2.34 percent in Hong Kong trading, while Kawasaki rose 3.95 percent in Japan.
Source: Port News
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