EU Okays COSCO’s OOCL Takeover

Image Courtesy: OOCL

The European Commission has given the green light to COSCO Shipping’s bid to take over Orient Overseas (International) Limited.

Under the offer launched in July, COSCO Shipping Holdings and Shanghai International Port Group (SIPG) seek to acquire all issued OOIL shares at an offer price of HKD 78.67 (USD 10.07) in cash, totaling in USD 6.3 billion.

On completion of the transaction, COSCO would hold 90.1%, while SIPG would hold 9.9% of OOIL.

“The joint offerors are pleased to announce that with respect to anti-trust review in the EU under the EU Merger Regulation, on December 5, 2017, the European Commission made a decision to allow the offer to proceed. Accordingly, pre-condition (c) has been fulfilled,” a joint statement reads.

The approval of the bid follows the clearance from COSCO Shipping’s shareholders received in October and that of  State‑owned Assets Supervision and Administration Commission (SASAC) in September.

The combined entity, if the merger is completed, would become the world’s third largest container carrier, according to shipping consultancy Drewry.

Specifically, the duo would have a combined fleet of 400 vessels operated over a much-expanded network, with the capacity exceeding 2.9 million TEUs including orderbook, pushing CMA CGM from its spot.

COSCO and SIPG said they would continue to work on meeting the remaining pre-conditions for the deal to be finalized.

World Maritime News Staff

Share this article

Follow World Maritime News

In Depth>

Events>

<< Dec 2017 >>
MTWTFSS
27 28 29 30 1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 31

APM – ASIA PACIFIC MARITIME 2018

27 years in the making, APM is the premier shipbuilding & marine, workboat and offshore exhibition in Asia trusted by generations of industry professionals.

read more >

Mega Cargo Show 2018

The focus of the event is to bring all connected with cargo fraternity on a single platform…

read more >

Vietship 2018

Vietship is the largest and longest established exhibition in Vietnam featuring all aspect of Shipbuilding, Shipping and Offshore Technology.

Since its first event in 2002, Vietship has become the convergence and platform of advanced technologies regional and worldwide in shipbuilding and ship repair, marine equipment, waterway transportation and services, marine and offshore engineering.

After 16 years of eight consecutive editions, Vietship has affirm itself as an important event in enhancing cooperation and development, attracting investments, exchanging technology and creating ideal opportunities for trade promotion in the international maritime industry.

More info

read more >

LNG Bunkering Summit 2018

The conference will cover the obstacles facing both the shipping and port communities, exploring developments in conversion and new builds…

read more >