COSCO Pacific buys APM interest in Yantian

COSCO Pacific buys APM interest in Yantian    APM Terminals said it has sold its 9.7 percent stake in the South China port of Yantian to COSCO Pacific. The deal is subject to approvals and is expected to close in June.
   APM said the rationale behind the business decision was that APM Terminals had a small minority share and did not operate the port, acting instead as a financial stakeholder only. The company's current business model is more geared towards ports where it can operate or attain majority share and have more involvement in port management.
   Sixteen years ago, when the company initially invested, the port of Yantian pioneered direct calls in South China with mother vessels, challenging the port of Hong Kong and launching the era of direct calls in China.