Stocks News
- CIMC buys stake in Burg Industries
Date: 29-Jun-2007 Sources: (Shenzhen Daily)
CHINA International Marine Containers Co. (CIMC), the world's largest maker of freight containers, said Thursday it had bought a majority stake in the Netherlands' Burg Industries BV, as it seeks to expand in Europe.
The Shenzhen-listed company received approval from China, Germany and the Netherlands to buy an 80 percent stake in Burg, which makes containers for breweries and fuel companies.
CIMC said in a statement December it plans to pay 108 million euros (US$145 million) for all of the Dutch company. It didn't say how much it paid in the statement.
Shenzhen-based CIMC in July dropped plans to purchase Burg after European regulators expressed concerns over the merger of the two companies' tank-container businesses and extended the deal's review. CIMC said in December Burg will sell its tank container business to facilitate CIMC's acquisition.
The acquisition will be made through a 60-million-euro venture formed by CIMC's Hong Kong unit CIMC Tank Equipment Investment Holdings Co. and one of the shareholders of closely held Burg, CIMC said in December. CIMC Tank Equipment owns 80 percent of the venture, while shareholder Peter Van der Burg has 20 percent, according to CIMC.
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