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US Regulator Okays COSCO’s OOIL Takeover

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US Regulator Okays COSCO’s OOIL Takeover

COSCO Shipping Holdings has revealed that its takeover bid for Orient Overseas International Limited (OOIL) has passed the anti-trust review in the United States.

The confirmation follows COSCO Holdings’ shareholders approval of the deal at the extraordinary general meeting held on October 16.

COSCO Shipping Holdings and Shanghai International Port Group (SIPG) had in July this year made a takeover offer with a pre-conditional voluntary general offer to acquire all issued OOIL’s shares at an offer price of HKD 78.67 (USD 10.07) in cash, totaling in USD 6.3 billion.

When the transaction is concluded, COSCO would hold 90.1%, while SIPG would hold 9.9% of OOIL. If the merger pulls through, the entity would become the world’s third-largest container carrier, with a combined fleet of 400 vessels.

The company awaits approval from EU and Chinese regulators.

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