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China shipping company to buy out HK rival, set to become world's third biggest

India Blooms News Service | | Jul 10, 2017, at 05:04 pm

#ShippingIndustry # OOIL # OOCL # Cosco # ShippingLine

Beijing, Jul 10 (IBNS): Chinese shipping giant Cosco is set to become world's third biggest company following the acquisition of its Hong Kong rival OOIL, reports said.

The deal would enable Cosco to run more than 400 vessels.

The family of Hong Kong's first Chief Executive Tung Chee-hwa, who founded the company, and is the majority owner (with 69 percent stake), has accepted the proposal.

However, both the companies will need approval of US and Chinese regulators for the deal to be finalised.

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