China Merchants turns down offer for Dalian Port shares

China Merchants Port Holdings (CM Port) has rejected an offer to acquire all the issued H shares in Dalian Port (PDA) Company, claiming it wants to “reduce the vicious competition of ports in Northeast China”.

The unconditional cash offer was made by China International Capital Corporation Hong Kong Securities Limited on behalf of Broadford Global Limited, which is a wholly owned subsidiary of China Merchants Group, to acquire all the issued H shares in PDA.

Bai Jingtao, managing director of CM Port, stated: “The major reason for the non-acceptance of mandatory unconditional cash offer from Dalian Port was that China Merchants Group has majority stake control on Liaoning Port Group Company Limited with CMPort as the trusteeship.