US regulator gives Cosco the green light for OOCL takeover

US regulator gives Cosco the green light for OOCL takeover

Cosco Shipping Holdings has announced that a US anti-trust review has cleared the company’s takeover of Hong Kong containerline OOCL.

Cosco said the deal is still waiting for approvals from China’s Department of Commerce and the European Union in order meet the prerequisites of the transaction.

In July, Cosco, along with port group SIPG, sealed a deal to acquire OOCL at an offer price of $10.07 per share. The acquisition will take Cosco into third place in the global container fleet rankings with a  around 2.4m slots.

Last week, Cosco shareholders voted in favour of the deal at a general meeting.

Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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1 Comment

  1. Avatar
    Dirk Visser
    October 24, 2017 at 6:34 pm

    No approval to be awaited from the European Commission as it is a matter of self assessment, Jason.