US are reportedly concerned about a takeover by the Chinese COSCO, regarding a large container terminal in Long Beach, California. The terminal is part of COSCO’s plan to buy the shipping company Orient Overseas International.
As the Wall Street Journal reported, COSCO executives had a meeting with the US Committee on Foreign Investment last week and proposed to divest or carve out the Long Beach terminal to appease US concerns regarding the deal.
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The expected acquisition of Orient Overseas Container Line, OOIL’s subsidiary, is about to be completed until the end of June, COSCO’s Vice Chairman Huang Xiaowen, informed earlier in March.
