News / Cosco buys OOCL for $6.3bn to form the world's third-largest liner company

Photo: OOCL

Cosco has teamed with Chinese port operator Shanghai International Port Group (SIPG) to acquire Orient Overseas International Ltd (OOIL).

The new owners have pledged to keep the OOCL liner brand and its Hong Kong headquarters, and provided some assurances to worried staff that their jobs are safe for now.

The offer of HK$78.67 ($10.06) in cash per share represents a premium of about 30% on OOIL’s Friday closing price and values the company at around $6.3bn.

The Loadstar reported on 20 June that a takeover of ...