China Merchants gets approval to buy Brazil's lucrative port TCP
Brazil's competition regulator has given unrestricted approval for China Merchants Port Holdings (CMPH) to buy its port operator TCP Participações. CMPH was looking to buy a 90% stake in TCP, which is Brazil's most profitable container terminal, for $887m as part of a Latin American expansion. CMPH is also planning to invest up to $1.12bn in developing and running a major port in Sri Lanka. As we highlighted in July, China is investing heavily in overseas ports to increase its maritime power and open up new shipping routes.
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