Cosco Pacific raises $601 million to fund acquisition

The Chinese container ports operator launches a top-up placement minutes after announcing that it will increase its effective stake in China's Yantian port through a $520 million acquisition.

Cosco Pacific, the Hong Kong-listed operator of container ports, last night raised HK$4.67 billion $601 million from a top-up placement that was upsized by close to 16% due to good demand. The deal was launched minutes after the company announced that it has agreed to an acquisition that will increase its effective stake in China's Yantian port at a total cost of $520 million.

The acquisition will see Cosco Pacific buy the entire 13.7% stake in a company named...

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