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Following this week’s investment by APM Terminals in Russian container terminal operator Global Ports, long-time Russia correspondent John Helmer casts a forensic eye over the details of the deal. “Foreign investors understand that playing minority shareholder to Russian oligarchs in their enterprises is an invitation to losing money. The Russian controllers wanted APM to cough up as much cash as possible, but didn’t want to hand over control. The unusually complex structure is the compromise.”

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