OOCL keeps COSCO takeover rumors at bay

Orient Overseas (International) Ltd., parent of ocean carrier OOCL, said the company’s statement on a potential purchase by Chinese conglomerate COSCO Shipping “has always remained consistent,” despite ongoing rumors of a $4 billion takeover deal.    After speculation spread yesterday that Hong Kong-based Orient Overseas Container Line (OOCL) would be acquired by state-run Chinese conglomerate COSCO Shipping, OOCL parent company Orient Overseas (International) Ltd. (OOIL) has once again denied the rumors.
   An OOCL spokesman told American Shipper via email the company’s statement on the matter “has always remained consistent” and referred to a January announcement regarding similar speculation on the part of industry media outlets.
   At the time, rumors had been circulating in the Wall Street Journal and other reputable news outlets that COSCO Shipping was preparing a $4 billion bid for OOCL. These speculative whispers have grown louder in recent weeks following an extended suspension of shares trading for the Hong Kong and Shanghai-listed COSCO Shipping Holdings since May, with WSJ again reporting yesterday that the companies were in talks about an acquisition.