Cosco completes OOCL acquisition
The government-owned CoscoCS has gone public about their acquisition of OOCL for 6.3 billion dollars the day close to the deadline of 30 June. Last Friday OOCL announced, that the Chinese Government’s Anti-Monopoly Authority would not ban the transaction from happening.
"All prerequisites for the offer were lived up to," OOCL writes in the announcement.
The Chinese container giant thereby becomes the third largest container ship operator in the world once the acquisition is completed. The deal creates an industry giant with more than 400 ships with a total capacity of 2.9 million TEU. The only container companies bigger are Maersk Line and the Mediterranean Shipping Company.
Coscos acquires 90.1 percent shares its Hong Kong-listed rival, while the Shanghai Port International Group holds the remaining 9.9 percent of the shares in the company. The deal was concluded in July last year, but became subject to a number of approvals from competition authorities.
Source: TradeWinds / Maritime Danmark