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Pending CFIUS Filing: COSCO SHIPPING Holdings Co., Ltd. (China) and Orient Overseas (International) Ltd. (Hong Kong SAR, China)

Status: Pending

Acquirer: COSCO SHIPPING Holdings Co., Ltd. (China)

Acquired: Orient Overseas (International) Ltd. (Hong Kong SAR, China)

Value: Approximately HK$49.23 billion (approx. US$6.3 billion)

Industry: Transportation; Logistics

On July 25, 2017, COSCO SHIPPING Holdings Co., Ltd., an international ocean container shipping company incorporated in China, filed a regulatory announcement on the Hong Kong Stock Exchange, stating that its proposed tender to acquire the outstanding shares of Hong Kong based ocean container shipping company Orient Overseas International Ltd (OOIL), the parent company of Orient Overseas Container Line, stated that CFIUS approval was required for the implementation of the transaction. (See COSCO SHIPPING Holdings Co., Ltd. (HKEX Stock Code 1919), Overseas Regulatory Announcement, July 25, 2017.) COSCO SHIPPING Holdings Co., Ltd., made the cash offer through its wholly-owned subsidiary, Faulkner Global, to acquire a majority of the shares in OOIL, but the tender was joined by Shanghai Port Group (BVI) Holding Co Ltd, which will also acquire approximately 10% of the shares. (See id.) As of December 2017, the parties have reported competition authority approvals from the European Commission, United States, and clearance from China’s State-owned Assets Supervision and Administration Commission of the State Council. (See Journal of Commerce, Cosco given EU green light for OOIL takeover, Dec. 6, 2017.)

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