Rumors say COSCO Shipping Group will acquire Orient Overseas Container Line.
2017-06-22 09:00
According to the Wall Street Journal, citing sources familiar with the matter, COSCO SHIPPING Group's negotiations to acquire Orient Overseas (OOCL) for at least US\$4 billion (approximately RMB 27.3 billion) have entered the final stages, with a deal potentially finalized as early as July.
A source familiar with the matter said that the controlling family of OOCL is more receptive to the sale, and both sides are negotiating the price, with a possible announcement as early as next month.
The Wall Street Journal reported that COSCO SHIPPING Group is currently the world's fourth-largest shipping company, with a market share of 8.5%. Hong Kong-based OOCL is the world's seventh-largest shipping company, with a market share of 3.3%. 69% of its shares are held by the Hong Kong Tung family. Tung Chee-hwa, who once headed the company, was the first Chief Executive of Hong Kong, and his son, Tung Kwok-leung, is the company's current CEO.
The Wall Street Journal previously reported in January of this year that COSCO SHIPPING Group was preparing to make an acquisition offer to OOCL exceeding US\$4 billion.
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