Orient Overseas International (OOIL) informed that Cosco and SIPG acquired Orient Overseas Container Lines (OOCL). The proposed takeover will cost $6.3 billions.
Earlier this month, Cosco had received authorization to takeover Orient Overseas Container Lines (OOCL). The proposed takeover will cost $6.3 billions, and was given permission at the end of the deadline, which was set for the end of June.
[smlsubform prepend=”GET THE SAFETY4SEA IN YOUR INBOX!” showname=false emailtxt=”” emailholder=”Enter your email address” showsubmit=true submittxt=”Submit” jsthanks=false thankyou=”Thank you for subscribing to our mailing list”]
Namely, Cosco had received the decision from the Anti-Monopoly Bureau of the State Administration for Market Regulation of China, not to prohibit the Offer. Thus, Pre-Condition has been completed. Cosco, now owns the majority of Orient Overseas.
The offer experienced some troubles as the Committee on Foreign Investment in the United States (CFIUS) was concerned for such a development. In order for CFIUS to get onboard the merger, COSCO noted that it would divest or carve out the terminal.
