Cosco Shipping Holdings has received all the approvals required for its takeover of Orient Overseas International one day ahead the 30 June deadline for the $6.27bn.
In a statement issued on 29 June Cosco Shipping said all preconditions for the takeover offer of the Hong Kong-listed, family-owned container shipping company had been met.
Outstanding approval from the Chinese Anti-Monopoly Bureau of the State Administration for Market Regulation for the acquisition was received on Friday. “Accordingly, as at the date of this announcement, all the Pre-Conditions to the Offer have been fulfilled,” the companies said in a joint statement.