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China’s COSCO announces deal completion

Chinese shipping giant COSCO announced on Wednesday it had completed the acquisition of a majority stake in the Greek port of Piraeus. COSCO acquired 67 percent of the port for 368.5 million euros, or 409 million US dollars, under the deal with the Hellenic Republic Asset Development Fund of Greece. The sale gives COSCO rights to run Piraeus until 2052. COSCO has pledged to invest 294 million euros to expand cruise facilities, upgrade the dockyard, and create parking spaces as well.

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