Husnu Ozyegin Buys Piraeus Port

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Fiba Holding is the owner of a 65% stake for a healthy price of $940m, in Turkish container terminal Kumport and Ozyegin.  Mr Ozyegin has earlier sold 46% share of Finansbank to the National Bank of Greece for $2.8bn bought by the joint venture of China Merchants Holdings International (CMHI), Cosco Pacific and CIC Capital who will hold shareholdings of 40%, 40% and 20% respectively.  Finansbank was founded by Mr Ozyegin in 1987 and became Turkey’s fifth largest private lender.

China’s economy is sluggish but the country’s acquisition of businesses in overseas market is relentless.  This will add to China’s presence in the European zone with other acquisitions like Piraeus Container Terminal and European terminals under the umbrella of Terminal Link, a terminal division of shipping line CMA CGM. China Merchants bought 49% of Terminal Link in 2013 for $400m.

The Kumport acquisition indicates the willingness of China’s port interests to bid at a high level.  The sale of the Port of Piraeus is pending and Cosco may not demand triggered investments but will go ahead with the 67% share purchase and stipulate time– then it is quite feasible Cosco may bid high.  But, it would not be like Kumport.

Source: Port Strategy

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