A ports unit of Hong Kong conglomerate Hutchison Whampoa Ltd said on Wednesday it has signed an agreement to boost its stake in European container handling firm ECT to 98 percent from 79 percent.
Hutchison Ports Netherlands will pay 10.4 million euros (US$13 million) for the 19 percent stake in ECT held by Rotterdamese Container Participatie Maatschappij BV (RCPM), Hutchison said in a statement.
Hutchison also said it is paying 541,830 euros to acquire a loan by RCPM to Stichting Werknemersaandelen ECT, an employees' foundation that holds a two percent in ECT.
Hutchison also said it will allow ECT to repay a 26.5 million euro loan to RCPM.
Hutchison announced the deal a week after confirming that ECT, the No 1 container handling firm in Rotterdam, was in talks to acquire the harbour's No 3 handler, Hanno.
Shares of Hutchison, the world's largest container port operator, closed up 0.88 percent at HK$57 in a shortened trading day in Hong Kong.
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