Latest news from Heavy Lift & Project Forwarding International Magazine

Cosco makes offer for OOCL parent

July 10 - Cosco Shipping Holdings and Shanghai International Port Group (SIPG) have made an offer to acquire all the issued Orient Overseas (International) Limited (OOIL) shares for HKD49 billion (USD6.3 billion).

The latest consolidation in the global maritime industry will see the two members of the Ocean Alliance combine activities and operate more than 400 vessels, with a capacity exceeding 2.9 million teu.

On completion of the deal, assuming all OOIL shareholders tender their shares, Cosco Shipping Holdings, which is a majority owned subsidiary of China Cosco Shipping Corporation, will hold 90.1 percent of OOIL, while SIPG will hold the remaining 9.9 percent.

The deal is subject to regulatory approval, as well as endorsement from Cosco Shipping Holdings shareholders.

Cosco Shipping Lines and OOIL (which offers container shipping services under the OOCL brand), will continue to operate under their respective brands, providing container transport and logistic services.

According to a joint statement by the companies, the potential buyers intend to maintain OOIL's listed status following close of the offer, and are committed to retaining the existing compensation and benefit system at OOIL and will not terminate the employment of any employee at OOIL as a result of this transaction for at least 24 months after the close of the offer.

Besides that, the potential buyers intend to maintain OOIL's global headquarter functions and presence in Hong Kong.

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