OOCL parent rejects bid rumors

Orient Overseas Container Line’s parent company said it is not aware or involved in any bid relating to the company or OOCL.    Hong Kong-based Orient Overseas (International) Ltd. (OOIL), the parent company of liner carrier Orient Overseas Container Line (OOCL), said it is “not aware of, nor is it involved in any bid relating to the company or OOCL.”
   An article in the Wall Street Journal this week quoted unnamed sources as saying COSCO is “in the process of preparing a bid worth more than $4 billion” for OOCL. Similar reports about COSCO’s interest have appeared in publications such as Tradewinds and the Chinese news site Caixin.
   In addition, an article last week from Drewry’s Financial Research Center said CMA CGM is “best positioned among major carriers to be a perfect suitor for OOIL.”
   In its statement to the Hong Kong Stock Exchange where its stock trades, OOIL suggested, “Shareholders and potential investors of the company should exercise caution when dealing in the shares of the company.”