COSCO buys stake in big Greek port

Agreement paves way for boosted ties and increased business between Europe, Asia

China's largest shipping company COSCO closed the deal to buy a majority stake in the Greece's biggest harbor, a move that would give the shipper control over one of the country's key thoroughfares into Europe.

The deal, signed on Friday between COSCO Shipping Corporation Ltd, a company merged between China Ocean Shipping Group Co and China Shipping Group Co, and Greece's state asset sales fund, will see a total payment of 368.5 million euros ($420 million) for a 67 percent stake, but it still needs final approval from the Greek government.