Orient Overseas International (OOIL), the parent of Hong Kong shipping major OOCL, has announced that Cosco Shipping and SIPG has completed the acquisition of the Hong Kong company.
Cosco announced the plan to take over OOIL in June last year and has been working to get approvals from various authorities around the world in the past year.
Earlier this month, Cosco received approval from the Anti-Monoply Bureau of China for the takeover of OOIL, fulfilling all the preconditions of the $6.3bn deal. It also secured security clearance from the US government by divesting the Long Beach container terminal business to an unrelated third party.
Cosco is now running a combined fleet of around 400 vessels with an annual capacity of around 2.7m teu, making it the third largest ocean carrier in the world.