China COSCO to Buy Stakes in Three Firms From Controlling Holder

China COSCO Holdings Co said it would buy stakes in three companies from controlling shareholder China Ocean Shipping (Group) Co, for 15.98 billion yuan (US$2.12 billion).

China COSCO said in a statement on Tuesday that it would buy from the controlling shareholder the entire COSCO Bulk Carrier Co Ltd, and Qingdao Ocean Shipping Co (COSCO Qingdao), and a 41.52 percent stake in Shenzhen Ocean Shipping Co (COSCO Shenzhen).

China COSCO also said its unit COSCO Pacific Investment would buy the entire Golden View Investment Ltd from COSCO (Hong Kong) Group, a unit of its controlling shareholder, for 18.50 billion yuan and the deal would be funded by proceed from an A-share issue, bank borrowing and internal resources.