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Cosco Shipping Holdings obtains one of the requisite Chinese regulatory approvals for OOIL acquisition

 

Cosco Shipping Holdings has received approval from SASAC, a Chinese state regulator, regarding its proposed acquisition of Orient Overseas (International) Ltd (OOIL)/Orient Overseas Container Line, it said in a statement.

 

SASAC is one of the three regulators that Cosco has to get approval from. As per the pre-conditions, it also has to obtain approvals from the National Development and Reform Commission and the State Administration of Foreign Exchange.

 

Besides, it has to get shareholder approval for the deal, for which an extraordinary general meeting has been called for October 16, 2017, it is learnt.

 

As reported in early July, Cosco Shipping Holdings Co. Ltd (a majority owned subsidiary of China Cosco Shipping Corporation Ltd) and Shanghai International Port (Group) Co., Ltd (SIPG) made a pre-conditional voluntary general offer to all shareholders of OOIL to acquire all issued OOIL shares. On completion, assuming all OOIL shareholders tender their shares, Cosco Shipping Holdings will hold 90.1 per cent and SIPG will hold 9.9 per cent of OOIL.

 

Orient Overseas Container Line (OOCL), one of the world’s largest integrated international transportation, logistics and terminal companies, is a wholly-owned subsidiary of OOIL.

 

Source: Exim News Service - Hong Kong, Sept. 12

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