COSCO’s $6.3bn takeover of Orient Overseas International (OOIL), parent of container line OOCL, is now in doubt, according to Alphaliner.
The consultant said “doubts remain” whether the acquisition could be completed by the 30 June completion deadline.
The deal, announced in July last year, would see COSCO acquire 90.1% of OOIL shares and compatriot container terminal operator Shanghai International Port Group (SIPG) take the balance.
Although COSCO has repeatedly said “the deal is on track”, two preconditions remain outstanding …
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Source: The Loadstar