COSCO, the Chinese shipping company, bought its rival in Hong Kong, OIL, for $ 6.3 billion.
The transaction would make Cusco the third largest shipping company in the world with more than 400 ships. Most of the OOL shareholders have accepted the offer but the deal needs regulatory approval.
OWL has OCL, currently the seventh largest shipping company in the world with 3.2% of the global market, established by the family of Chief Executive Officer Tung Chee Hwa and still owns 69% of the company. .
The latest deal will be part of a wave of mergers that has led to the acquisition of six shipping companies by nearly two-thirds of the market, with excessive production capacity and slowing demand causing significant changes in the shipping industry.
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