Slaughter and May is advising COSCO Pacific - proposed acquisition of China Shipping Ports Development
Slaughter and May is advising COSCO Pacific Limited on its proposed acquisition of China Shipping Ports Development Co., Limited, which is interested in a portfolio of container terminals in the PRC and other parts of the world, for a consideration of RMB7.63 billion (approximately US$1.18 billion). The proposed acquisition forms part of the multi-billion dollar reorganisation of the businesses of the COSCO group and the businesses of the China Shipping group, being the leading companies in the PRC shipping industry.
Upon completion of the reorganisation, container shipping, terminal operation and financial services will become a principal business of China COSCO Holdings Company Limited (COSCO Pacific's holding company), COSCO Pacific and the China Shipping group, respectively. COSCO Pacific is currently the world’s fourth largest container terminal operator. The proposed acquisition would result in COSCO Pacific becoming the world's second largest container terminal operator (in terms of total throughput in 2014).