COSCO Makes Conditional Offer to Acquire OOCL
China Ocean Shipping (Group) Company (COSCO) has made a provisional offer to acquire Orient Overseas (International) Limited, parent of Overseas International Container Line (OOCL), the two companies said in a joint press release (here). The bid is conditioned on regulatory…
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approval and COSCO shareholders. If the merger is completed, the combined entity “will become one of the world's leading container shipping companies with more than 400 vessels and capacity exceeding 2.9 million TEU,” though COSCO and OOCL would continue to operate under their respective brands as part of the Ocean Alliance, they said. “Prior to the completion of the offer, COSCO SHIPPING Lines and OOCL shall adhere to the requirements of regulatory bodies, comply with international anti-trust regulations, rigorously fulfill services contracts and commitments to customers and provide professional, efficient, reliable and consistent service as always,” COSCO said in a notice to customers (here).