COSCO Shipping Holdings has received the go-ahead from Chinese regulators for its $6.3bn takeover of Orient Overseas Container Lines (the Committee on Foreign Investment). COSCO has also addressed concerns from OOCL in the US over the Long Beach terminal, which the Committee on Foreign Investment 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 the Committee on Foreign Investment, becoming the world's third-biggest container carrier with a combined fleet of 400 vessels and capacity that exceeds 2.9 million 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.