COSCO SHIPPING Holdings 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.
As COSCO informed, it 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. As at the date of this announcement, all the Pre-Conditions to the Offer have been fulfilled.
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The necessary document will be sent with seven days from June 29, according to the Code, and before 6 July 2018. A further announcement will be made when the documents are sent.
Closing of the offer is now subject to the Conditions being fulfilled. When everything is final, COSCO will hold 90.1% 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.
