Port operator Tianjin Port Development Holdings said the Chinese government has approved its plan to buy 56.81 percent of Shanghai-listed Tianjin Port Holdings in a cash-and-stock deal valued at US$1.4 billion, Dow Jones reported.
Tianjin Port Development, which handles both container and bulk cargo in the eastern Chinese city, said the deal will improve its overall profitability.
Tianjin Port (Group) will become the Hong Kong-listed company's majority shareholder with a 51 percent stake following the deal.
Tianjin Port Development, which handles both container and bulk cargo in the eastern Chinese city, said the deal will improve its overall profitability.
Tianjin Port (Group) will become the Hong Kong-listed company's majority shareholder with a 51 percent stake following the deal.