Cosco anticipates sealing the $6.3bn takeover of Hong Kong’s Orient Overseas Container Line (OOCL) by the end of June.
Cosco’s vice chairman Huang Xiaowen told reporters at a press conference in Shanghai yesterday that the deal is still awaiting approvals from the US and on home soil in China, but remains very much on track.
The takeover of OOCL, the world’s eighth largest containerline, would see Cosco leap above France’s CMA CGM to become the third largest liner in the world with a fleet just shy of 2.6m slots. Cosco, CMA CGM and OOCL are all in the same container grouping, the Ocean Alliance, along with Taiwan’s Evergreen.
Cosco has stated in the past that it intends to keep the OOCL brand as a separate identity once it completes the acquisition of the Tung family controlled line.