Far Eastern Shipping Co, Russia's top container shipping firm, has sold its 50 percent stake in the National Container Company (NCC) to an unnamed investor for $900 million, Fesco and First Quantum oil trader, which owns half of NCC, said on Monday.
"Fesco shipping group and First Quantum group of companies have announced that a dispute between NCC shareholders has been reconciled. Fesco has sold its 50 percent stake in NCC to an unnamed investor with the approval of First Quantum," the companies said in a statement.
In 2009, First Quantum proposed that its partner Fesco should quit the construction of the Ust-Luzhsky container terminal due to Fesco's refusal to back the project, but the group refused to sell its stake.
In early 2010, First Quantum offered to acquire Fesco's stake in NCC. Russia's largest lender Sberbank was ready to back the deal and allocate up to $440 million for the consolidation of shares, but Fesco head Sergei Generalov said he was not planning to sell the stake.
MOSCOW, July 26 (RIA Novosti)
