Comment / Why China's port giants are sitting out the big M&A cycle

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Every major waterfront consolidation move of the past few years has had a familiar cast of characters missing from the bidding table. MSC bought into HHLA. AD Ports pushed into Noatum, picking up a logistics arm alongside the terminals, and followed it with an entry into Brazil worth roughly US$845m. Container lines and terminal operators outside China have been reshaping the global ports map.

Meanwhile, notably: China’s state-owned port operators – some of the best-capitalised, most strategically motivated players ...