News / Pledge to sell Long Beach terminal clears the way for COSCO takeover of OOIL

COSCO has appeased US security concerns over its acquisition of OOIL and its container arm OOCL by agreeing to concede ownership of the OOCL-operated Long Beach Container Terminal (LBCT) to a US trust pending its sale to a third party.

The Committee on Foreign Investment in the United States (CFIUS) has told COSCO and its minority stake partner, state-owned Shanghai International Port Group (SIPG) there were now “no unresolved national security issues related to the transaction”.

Following the last-minute green light given ...