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COSCO successfully completed the acquisition of OOCL at the end of June and will become the third la

  • Author:Alvin
  • Source:HKSG-GRUP
  • Release Date:2018-04-12
It is reported that COSCO Shipping Co., Ltd. of COSCO Group plans to acquire the OOCL project of Orient Overseas Container Company, which is expected to be completed by June 30, 2018.

It is understood that COSCO Group also needs to obtain some domestic and foreign approvals before it can proceed with the acquisition plan.

In 2017, COSCO Shipping Holdings and Shanghai International Port Group (SIPG) proposed to acquire the entire issued shares of OOIL, the parent company of Orient Overseas. Their offer price to OOIL shareholders was $6.3 billion.

Once the transaction is completed, COSCO will hold a 90.1% stake in Orient Overseas, which will become the third largest container shipping company in the world.

In 2017, Drewry said that COSCO Group will have a fleet of 400 vessels with a capacity of over 2.9 million TEUs, including orders, which will push CMA CGM out of its position.

On April 3, COSCO Haipeng held a performance press conference in Shanghai and Hong Kong. In the performance announcement, the senior management of COSCO Shipping conducted an analysis and interpretation of issues of concern to the market.

On July 9, 2017, COSCO Haigang, in conjunction with Shanghai Port Group, issued a voluntary comprehensive cash offer with preconditions to all Orient Overseas shareholders at HK$78.67 per share. If the acquisition is completed successfully, the scale of the container fleet (including orders) of COSCO Haipung will exceed 2.9 million TEU, and the leading position in the global container shipping industry will be strengthened.