China International Marine Containers Co, the world's largest maker of freight containers, said it bought a majority stake in the Netherlands' Burg Industries BV, as it seeks to expand in Europe and extend its product range.
The Chinese company received approval from China, Germany and the Netherlands to buy an 80 per cent stake in Burg, which makes containers for breweries and fuel companies, it said in a statement to the Shenzhen Stock Exchange yesterday.
China International said in December it plans to pay 108 million euros (S$223 million) for all of the Dutch company. It didn't say how much it paid in yesterday's statement.
Shenzhen-based China International, also known as CIMC, in July dropped plans to purchase Burg after European regulators expressed concerns over the merger of the two companies' tank-container businesses and extended the deal's review. CIMC said in December Burg will sell its tank container business to facilitate the Chinese company's acquisition.
The acquisition will be made through a 60 million euro venture formed by CIMC's Hong Kong unit CIMC Tank Equipment Investment Holdings Co and one of the shareholders of closely held Burg, CIMC said in December.
CIMC Tank Equipment owns 80 per cent of the venture, while shareholder Peter Van der Burg has 20 per cent, according to CIMC.
China International's yuan-denominated shares rose 3.9 per cent to 30.66 yuan in Shenzhen on Wednesday. They have climbed 160 per cent in the past year. The company's Hong Kong dollar- denominated shares added 0.4
