Nigeria port operator stake to be acquired
China Merchants
Holdings International has agreed to form a joint venture that will buy
a 47.5 percent stake in a container-terminal operator in Nigeria from
Israel’s Zim Integrated Shipping for $154 million.
China Merchants
will own 60 percent of the venture, with China-Africa Development Fund
(CADF) taking a 40 percent stake after obtaining approval from Chinese
regulators, the Chinese port operator said in a statement.
China Development Bank owns CADF, a fund which supports Chinese enterprises in their investment in Africa.
Zim will record a
pretax gain of $120 million from the sale, its parent company, Israel
Corp, said. Israel Corp shares were up 3.0 percent in morning trade in
Tel Aviv.
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