September 12 - Cosco Shipping Holdings and Shanghai International Port Group's (SIPG) acquisition of Orient Overseas International (OOIL) has been approved by Chinese regulators.
In a joint statement, the companies announced that China's State-owned Assets Supervision and Administration Commission (SASAC) has approved the offer to acquire all the issued OOIL shares.
As part of the pre-conditions, Cosco Shipping Holding shareholders will hold an extraordinary general meeting on October 16, 2017 to approve the proposed takeover.
As HLPFI reported here, on completion of the deal, assuming all OOIL shareholders tender their shares, Cosco Shipping Holdings, which is a majority owned subsidiary of China Cosco Shipping Corporation, will hold 90.1 percent of OOIL, while SIPG will hold the remaining 9.9 percent.
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