China COSCO SHIPPING’s acquisition of the parent of Hong Kong-based liner carrier Orient Overseas Container Line (OOCL) earlier this week received approval from China’s State-owned Assets Supervision and Administration Commission, OOIL said in a statement.
China COSCO SHIPPING’s acquisition of Orient Overseas International Ltd. (OOIL), parent of Hong Kong-based liner carrier Orient Overseas Container Line (OOCL), has been given the green light from Chinese regulators.
OOIL said in a statement Thursday that the Chinese state-run buyer received clearance from China’s State-owned Assets Supervision and Administration Commission to move forward with the acquisition.
Under the terms of the $6.3 billion deal, COSCO Shipping will own 90.1 percent of OOIL, while Shanghai International Port Group will hold the remaining 9.9 percent.
COSCO is currently the fifth largest container carrier in the world in terms of operating fleet capacity, while OOCL clocks in at seventh place, according to ocean carrier schedule and capacity database BlueWater Reporting’s Carrier Ranking tool. Based on present figures, the combined entity would operate vessels with an aggregate capacity of 2.19 million TEUs, making it the world’s third largest ocean carrier.
Chinese regulators green light COSCO-OOIL deal
