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COSCO gets key US security approval for OOIL acquisition


In what is seen as a key approval, the Committee on Foreign Investment in the United States has cleared China’s COSCO Shipping Holdings’ proposed $6.3 billion acquisition of Orient Overseas International Ltd (OOIL), the parent firm of OOCL, it is learnt.


The apparent security concern was allayed when COSCO reached an agreement with the US government to divest OOIL’s Long Beach container terminal business to a third party, following which the Committee said that it does not have any outstanding security issues, according to reports.


The acquisition has already been cleared by the Chinese, European and US anti-monopoly regulators, the reports added.


Source : Exim News Service - Washington, July 10


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