COSCO acquired OOCL in 30th,June,2018 !
The proposed takeover of Orient Overseas Container Lines (OOCL) by COSCO Shipping is expected to be completed by June 30, Reuters reported citing COSCO’s vice chairman as saying.
In 2017, COSCO Shipping and Shanghai International Port Group (SIPG) proposed the acquisition of all issued shares of OOCL, the parent company of OOCL. The offer to OOIL shareholders is worth $6.3 billion!
Once the transaction is completed, COSCO Group will hold 90.1% of OOCL and become the world's third largest container shipping company.
After the acquisition of OOCL, COSCO MSC will have a fleet of 400 container fleets with a capacity of more than 2.9 million TEUs (including the order ship capacity). Drury said last year that the acquisition will also bring France CMA CMACGM pulleddown from the throne of the world's third largest liner company for many years!
▲The combined COSCO will exceed 11.5% of CMA’s in one fell swoop
According to the previous announcement by both parties, after the acquisition of OOCL by OOCL, COSCO will retain the independent brand of OOCL and operate with COSCO Shipping as a dual brand! This is the same as Maersk's purchase of Hamburg South America after the purchase of Hamburg South America!
However, the dual-brand operation seen by the outside cannot cover the gradual unification of management and operation strategies. It is reported that the second-generation operating system purchased by COSCO from OOCL will gradually be iterated into the fourth generation of the latest system currently used by OOCL. It should be only one aspect of the many upgrades after the acquisition of OOCL by COSCO.
Once the transaction is completed, COSCO Group will hold 90.1% of OOCL and become the world's third largest container shipping company.
After the acquisition of OOCL, COSCO MSC will have a fleet of 400 container fleets with a capacity of more than 2.9 million TEUs (including the order ship capacity). Drury said last year that the acquisition will also bring France CMA CMACGM pulleddown from the throne of the world's third largest liner company for many years!
▲The combined COSCO will exceed 11.5% of CMA’s in one fell swoop
According to the previous announcement by both parties, after the acquisition of OOCL by OOCL, COSCO will retain the independent brand of OOCL and operate with COSCO Shipping as a dual brand! This is the same as Maersk's purchase of Hamburg South America after the purchase of Hamburg South America!
However, the dual-brand operation seen by the outside cannot cover the gradual unification of management and operation strategies. It is reported that the second-generation operating system purchased by COSCO from OOCL will gradually be iterated into the fourth generation of the latest system currently used by OOCL. It should be only one aspect of the many upgrades after the acquisition of OOCL by COSCO.
Looking forward to the most advantageous scale of COSCO Shipping, and the OOCL, which has the operational capability, technical capability and profitability, after the merger, it will wipe out more sparks and bring more surprises to the industry!