The US government has raised national security concerns over a takeover bid of Hong Kong-based shipping firm Orient Overseas International (OOIL) by the Chinese state-owned shipping giant COSCO. A spokesman for the Department of Homeland Security (DHS) said in an emailed statement that it was aware of reports about the proposed acquisition and had been working with U.S. Customs and Border Protection (CBP) The planned acquisition of Orient Overseas Container Line, OOIL’s main subsidiary, is on track to be completed by the end of June, COSCO Vice Chairman Huang Xiaowen said earlier this month. COSCO executives are reported to have met with CFIUS officials to discuss divesting the terminal or removing it from the acquisition, which is due to be completed by the end of June.
The US government has raised national security concerns over a takeover bid of Hong Kong-based shipping firm Orient Overseas International (OOIL) by the Chinese state-owned shipping giant COSCO. A spokesman for the Department of Homeland Security (DHS) said in an emailed statement that it was aware of reports about the proposed acquisition and had been working with U.S. Customs and Border Protection (CBP) COSCO executives are reported to have met with CFIUS officials to discuss divesting the terminal or removing it from the acquisition, which is due to be completed by the end of June.