China's major shipping operator COSCO Shipping Holdings and Shanghai International Port (Group) Co jointly announced a takeover offer on Sunday to all the shareholders of Hong Kong-based Orient Overseas Container Line Co (OOCL), COSCO announced on Sunday.
The offer is priced at HK$78.67 ($10.07) per share. If it is accepted, COSCO will hold 90.1 percent of OOCL shares while Shanghai International Port will take the remaining 9.9 percent when the transaction is completed. The takeover will make COSCO the world's third-biggest container carrier after Maersk Line and Mediterranean Shipping Co, Wall Street Journal reported Saturday.
