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Terms Declared for Cosco-Piraeus Deal

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Cosco Shipping has acquired a 51% stake in the Port of Piraeus, Greece on Wednesday August 10, 2016, which totals 12.75 million shares, according to Reuters.

Cosco paid US$312.51 million for the percentage through the Hellenic Republic Asset Fund (HRADF), Greece’s privatisation organisation.

PTI reported the deal in July 2016, when it was stated that Cosco intended to purchase a 67% stake in the port. Cosco still aims to achieve this by 2021.

In January, 2016 the Port of Piraeus suffered heavy strikes by workers alongside Aspropyrgos, Eleusis, Pachi and Megara ports; the strike was in response to the governments planned changes in workers’ rights.

In recent news, it was reported by PTI that the carrier was looking to introduce a ban on the shipping of shark fins, despite there being any time frame on the move will take place.

This followed news that Xu Lirong, Chairman of China Cosco Shipping Corporation had expressed his approval of the Panama Canal expansion, saying that it is a significant achievement for the advancement of global trade.

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