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OOIL takeover gets blessing of Cosco Shipping Holdings' shareholders
SHAREHOLDERS of Cosco Shipping Holdings Co have approved the takeover bid of Orient Overseas (International) Limited (OOIL) after passing special resolutions at an extraordinary general meeting held early this week, World Maritime News reported.
The takeover offer was made in July this year when Cosco Shipping Holdings and Shanghai International Port Group (SIPG) placed a pre-conditional voluntary general offer to acquire all issued OOIL's shares at an offer price of HKD 78.67 (US$ 10.07) in cash, totalling US$6.3 billion.
On completion of the transaction, Cosco would hold 90.1 per cent, while SIPG would hold the remaining 9.9 per cent of OOIL.
The bid is now dependent on the necessary regulatory approvals. The latest approval comes on the back of the clearance received from State-owned Assets Supervision and Administration Commission (SASAC) in September.
The combined entity, if the merger is completed, would become the world's third largest container carrier, according to shipping consultancy Drewry.
Specifically, the duo would have a combined fleet of 400 vessels operated over a much-expanded network, with the capacity exceeding 2.9 million TEU including orderbook, pushing CMA CGM from its spot.
As reported earlier, Cosco Shipping and OOIL, parent of OOCL, would continue to operate under their respective brands, and would continue to work together as members of the Ocean Alliance.
The takeover offer was made in July this year when Cosco Shipping Holdings and Shanghai International Port Group (SIPG) placed a pre-conditional voluntary general offer to acquire all issued OOIL's shares at an offer price of HKD 78.67 (US$ 10.07) in cash, totalling US$6.3 billion.
On completion of the transaction, Cosco would hold 90.1 per cent, while SIPG would hold the remaining 9.9 per cent of OOIL.
The bid is now dependent on the necessary regulatory approvals. The latest approval comes on the back of the clearance received from State-owned Assets Supervision and Administration Commission (SASAC) in September.
The combined entity, if the merger is completed, would become the world's third largest container carrier, according to shipping consultancy Drewry.
Specifically, the duo would have a combined fleet of 400 vessels operated over a much-expanded network, with the capacity exceeding 2.9 million TEU including orderbook, pushing CMA CGM from its spot.
As reported earlier, Cosco Shipping and OOIL, parent of OOCL, would continue to operate under their respective brands, and would continue to work together as members of the Ocean Alliance.
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