China's Cosco to operate Greece's Piraeus port

Description

The Chinese shipping company COSCO has entered a deal with the Greek government to take over a 67-per-cent stake in Greece's main port of Piraeus.

Under the deal, COSCO will pay 280.5 million euros for the initial acquisition of a 51 percent stake, while it will pay another 88 million euros for the remaining 16 percent within five years.