COSCO looking to take over OOIL – One of the biggest global container transporters to be formed

The biggest Chinese container transporter, COSCO, has offered USD 6.3 billion for the takeover of its competitor, the Hong Kong-based company Orient Overseas International Limited (OOIL), which would form one of the biggest global container transporters.

If the acquisition is greenlit, COSCO will become the third biggest global player in the industry after the Danish conglomerate Maersk and the Mediterranean Shipping Company, which is headquartered in Switzerland.

The realization of the acquisition, however, depends on approval of regulatory bodies and the shareholders of COSCO, says the joint press release of the two companies.

After the news was published, the shares of OOIL jumped by 19% in the afternoon trading in Hong Kong, whereas the shares of COSCO rose by 5%.

COSCO has a fleet of over 400 ships, exceeding 2.9 million TEU (twenty-foot equivalent units) in capacity.

COSCO GROUP Beijing

COSCO

Orient Overseas International Limited

OOIL

container transport

Maersk

Mediterranean Shipping Company

container ships