Caravel tightens grip on Pacific Basin, rules out takeover bid

Hong Kong conglomerate Caravel Group has increased its shareholding in Pacific Basin Shipping, strengthening its position as the largest shareholder in the dry bulk major while stressing it has no intention of launching a takeover of the company. The Angad Banga-led group confirmed it now holds 1.04bn shares in the Hong Kong-listed owner, representing about …

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