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COSCO Shipping buys Orient Overseas

SHANGHAI/HONG KONG: July 09, 2017. COSCO Shipping Holdings and the Shanghai International Port Group (SIPG) are to acquire Orient Overseas International Limited (OOIL) for US$6.3 billion in cash.

OOCL SOUTHAMPTONCC Tung and his family, who hold 68.7 percent of OOIL, have agreed to the offer.

The deal is subject to regulatory approval and on completion COSCO will own 90.1 percent of OOIL and SIPG the remainder.

OOIL is the seventh largest container line in the world and this latest acquisition will produce a company operating 400 vessels with a capacity of over 2.9 million TEU.

Both OOIL and COSCO said they would remain members of the Ocean Alliance and continue to operate under their respective brands.

"We respect OOIL's management team and its expertise, not to mention its people, brand and culture," said Wan Min, chairman of COSCO Shipping Holdings.

"Our company remains committed to enhancing Hong Kong as an international shipping center. Following completion, we will continue to invest and strengthen our industry leadership, providing a more extensive platform for the employees of OOIL to excel," he added.

Andy Tung, executive director of OOIL commented: "We are proud of the business we have built and the people who have been building it. This decision has been carefully considered and we believe it helps ensure the future success of OOIL. We are confident that COSCO Shipping Holdings is the right partner for us."

Both companies said they would not terminate any OOIL employee following the deal's closing "for at least 24 months".

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