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
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