China Cosco Shipping to acquire rival for over â¹40,000 crore
China Cosco Shipping has agreed to acquire its Hong Kong rival Orient Overseas International (OOIL) for about $6.3 billion (over â¹40,000 crore). The takeover will result in China Cosco becoming the third-largest container shipping line in the world. Upon the completion of the deal, Cosco will control 90.1% of OOIL, while Shanghai International Port Group will hold the rest.