Orient Overseas announced its 2018 Interim Results, with outgoing Chairman of OOIL, Mr. C C Tung commenting on the upcoming merger with Cosco. Mr. C C Tung seemed optimistic about this development and noted that this transaction will offer many opportunities to both the companies.
Orient Overseas International informed that Cosco and SIPG acquired Orient Overseas Container Lines. The proposed takeover will cost $6.3 billions. Earlier this month, Cosco had received the decision from the Anti-Monopoly Bureau of the State Administration for Market Regulation of China, not to prohibit the offer.
COSCO SHIPPING Holdings received authorization to takeover Orient Overseas Container Lines. 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. Closing of the offer is now subject to the Conditions being fulfilled.
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