COSCO Shipping Holdings has received the go-ahead from Chinese regulators for its $6.3bn takeover of Orient Overseas Container Lines (OOCL). COSCO has also addressed concerns from the Committee on Foreign Investment in the US over the Long Beach terminal, which OOCL owns a 40-year concession for, by saying it would divest or carve it out to get US approval. Once the deal is complete, COSCO will own 90.1% of OOCL, becoming the world's third-biggest container carrier with a combined fleet of 2.9 million vessels and capacity that exceeds 400 TEUs.
COSCO Shipping Holdings has received the go-ahead from Chinese regulators for its $6.3bn takeover of Orient Overseas Container Lines (OOCL). COSCO has also addressed concerns from the Committee on Foreign Investment in the US over the Long Beach terminal, which OOCL owns a 40-year concession for, by saying it would divest or carve it out to get US approval. Once the deal is complete, COSCO will own 90.1% of OOCL, becoming the world's third-biggest container carrier with a combined fleet of 400 vessels and capacity that exceeds 2.9 million TEUs.