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

OOCL Southampton

By Mike Wackett

10/07/2017

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 ...

Comment on this article

You must be logged in to post a comment.

Topics

China Cosco CMA CGM Ocean Alliance OOCL Shanghai International Port Group Takeover Talk

Most read news

TPM: Forwarders need 'clout' to survive as the ocean carriers move in

Gemini schedule reliability falls below 90% target for the first time

Red Sea crisis forces Maersk to increase capacity over strategy limit

Resumption of Suez transits in doubt after return of Red Sea hostilities

Maersk in firing line over 'abandoned container' in Africa

Forever 21 blames bankruptcy on de minimis exemption

Gemini carriers cut back loading allocations on challenging southern India trade

Maersk assures shareholders arms shipments 'comply with regulations'

US port call fees would force ACL to exit transatlantic trade, says CEO

DHL sees opportunities as end of US de minimis exemption looms

SF Airlines expands, while sister Kerry Logistics is set to lose its name

FMC empowered to investigate international 'shipping chokepoints'

Ocean Alliance splits ANP service into two to ease Vancouver delays

CMA CGM Air Cargo eyes expansion with bid for Air Belgium

Small businesses fearful as DOGE has USPS revamp in its sights

'More pronounced' demand slump drives container spot freight rate declines