Free Demo Request

COSCO Shipping receives US Regulator approval for OOIL takeover

Date 30-Oct-2017
Subject COSCO Shipping receives US Regulator approval for OOIL takeover

BEIJING: COSCO Shipping Holdings’ takeover bid for Orient Overseas International Limited (OOIL) has passed the anti-trust review in the United States, the company said.

The go-ahead comes after COSCO Holdings’ shareholders approved the deal at the extraordinary general meeting held on October 16.

The takeover offer was made in July this year when COSCO Shipping Holdings and Shanghai International Port Group (SIPG) placed a pre-conditional voluntary general offer to acquire all issued OOIL’s shares at an offer price of HKD 78.67 (USD 10.07) in cash, totaling in USD 6.3 billion.

On completion of the transaction, COSCO would hold 90.1%, while SIPG would hold 9.9% of OOIL.

The EU and Chinese regulators still need to give the green light to the deal.

The combined entity, if the merger is completed, would become the world’s third-largest container carrier, with a combined fleet of 400 vessels.

Source: Dailyshippingtimes.com

High-volume of Loyal
and Trusted Customers!

We feel pride in offering our customers the wide range of products of the top leading brands of the world.

BCG
Binani
Godrej
Induslnd Bank
Indian Oil
ITC Limited
Jindal Steel Power
Milton
Paharpur
Philips
Reliance
TATA Chemicals Limited
The Times of India
Wipro
Yamaha
Dalmia Bharat Cement
JCB
Pernod Ricard