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...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.