Cosco Shareholders Greenlight $1.2B CIMC Stake Sale

Law360, New York (June 13, 2013, 2:01 PM EDT) -- Cosco Pacific Ltd. shareholders Thursday approved a deal to sell a $1.2 billion minority stake in China International Marine Containers Group Co. Ltd. to an investment firm, refocusing the Hong Kong company on its terminal and container leasing businesses, according to investor documents.

About 99.87 percent of the voting shareholders backed the deal in a special general meeting, according to Cosco Pacific. The nod paved the way for the company to sell off a 21.8 percent indirect interest in the Chinese manufacturer of containers, trailers, tank...
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