Cosco offers US authorities Long Beach terminal solution to solve OOCL takeover

The Wall Street Journal is reporting China’s state-run shipping giant Cosco has offered a solution to American authorities to ease concerns about its takeover of Hong Kong containerline, OOCL.

The $6.3bn deal is meant to go through shortly but has been held up in the US where the authorities have voiced national security concerns about handing OOCL’s Long Beach terminal concession to Cosco, becoming the Chinese carrier’s third Californian terminal.

Cosco is understood to have offered to put this OOCL terminal into a third party US-run trust for a year while Cosco finds a buyer for it to get the takeover deal over the line. Anti-trust authorities from the rest of the world have given their blessing to the merger.