January 01, 2026 06:31 am (IST)
Follow us:
China shipping company to buy out HK rival, set to become world's third biggest
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.
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
Support objective journalism for a small contribution.
Latest Headlines
SoftBank bets big on AI again, pumps $22.5 billion more into OpenAI
Wed, Dec 31 2025
India surpasses Japan to become 4th largest economy — set to overtake Germany by 2030
Wed, Dec 31 2025
New Year’s eve delivery hit as gig workers go on nationwide strike — here’s what they want
Wed, Dec 31 2025
Sensex jumps 150 points at open, Nifty holds 26,000 — PSU and metal stocks lead market rebound
Wed, Dec 31 2025
PM Modi interacts with economists at NITI Aayog, calls for mission-mode reforms for Viksit Bharat
Tue, Dec 30 2025
TVS Motor teams up with Manba Finance — Game-changer for commercial vehicle financing?
Tue, Dec 30 2025