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Tianjin Port to pay $1.4 bln for Tianjin port firm

HONG KONG, March 16 (Reuters) - Tianjin Port Development Holdings Ltd 3382.HK said on Monday it will pay $1.4 billion for a controlling stake in Shanghai-listed Tianjin Port Co Ltd 600717.SS.

Tianjin Port, a unit of Tianjin Development Holdings Ltd 0882.HK, will pay a total of HK$10.96 billion ($1.41 billion) for 56.81 percent of the Shanghai-listed port operator.

About HK$7.03 billion will be settled by the issue of Tianjin Port Development shares and the remaining balance will be paid by cash, it said in a statement. ($1=HK$7.752) (Reporting by Alison Leung; Editing by Ben Tan)

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