Cosco takeover of OOCL cleared for completion

Cosco takeover of OOCL cleared for completion

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.   

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