COSCO Marine has $ 6.3 billion acquisition of Orient Overseas International

Cosco Shipping Holdings Co., 1919.HK, China's largest shipping company, agreed to acquire Orient Overseas (International) Ltd. for $ 6.3 billion , 0316.HK, referred to as: Oriental Overseas International). In the global shipping industry is still difficult to get rid of up to several years of the next cycle, the deal will create an Asian container transport giant.
 
Over the past year, the world's top 20 container transport companies have been integrated, the transaction will make six super-container transport companies are divided into three major alliances, the total control of about three quarters of the world's maritime trade market.
 
COSCO Shipyard and Shanghai International Port (Group) Co., Ltd., 600018.SH, referred to as: Hong Kong Group) said in a joint statement on Sunday that the two companies will join forces from the East Overseas foreign controlling shareholders in the hands of the acquisition of a total of 68.7% of the shares. Shanghai Port Group is one of the world's largest port operators.
 
The purchase price is HK $ 78.67 (US $ 10.07) per share, representing a 31% premium over Eastern Overseas International's closing price on Friday. The deal will need to be approved by the global regulatory authorities and is expected to take six to eight months.