Qingdao Port to acquire oil terminal assets for $1.3bn.

Qingdao Port, a company which mainly provides port related services, agreed to acquire oil terminal assets, including Rizhao Port Oil Terminal, a 50% stake in Rizhao Shihua Crude Oil Terminal, a 53.9% stake in Shandong United Energy Pipeline Transportation and a 51% stake in Shandong Gangyuan Pipeline Logistics for $1.3bn. The company will pay 663m by issuing around 697.3m class A shares, and $638m will be paid in cash. The transaction is subject to shareholder approval as per the Hong Kong listing rules.