A Hutchison International Port Holdings' (HPH) consortium has concluded a deal agreed in August to buy Rotterdam-based Europe Combined Terminals (ECT) for 680 million guilders (about HK$2.5 billion).
The new shareholders of ECT, Europe's largest container-handler, include Hutchison Ports Netherlands and Rotterdamse Container Participatie Maatschappij (RCPM) with 35 per cent stakes, ABN Amro Participatie with 28 per cent and Stichting Werknemersaandelen ECT with 2 per cent.
Hutchison's share in ECT was lowered to 35 per cent from 50 per cent after European Union regulators decided Hutchison would have had an excessive share of the northern European market for loading and unloading services to ocean-going container ships.
Hutchison Ports Netherlands is a subsidiary of Hutchison International Port Holdings, the port investment arm of the Hutchison Whampoa Group. RCPM is a subsidiary of Rotterdam Municipal Port Management.
ABN Amro Participatie is an investment company and Stichting Werknemersaandelen ECT is a foundation set up for the benefit of ECT employees.
The sellers were Royal Pakhoed, Royal Nedlloyd, Internatio-Muller and NS Groep.
The new ECT shareholders do not include ING bank, a party in earlier ECT negotiations. Its proposed 14 per cent stake was taken up by ABN Amro.
