COSCO in multi-bil­lion buy­out of HK ri­val

China Daily (Hong Kong) - - BUSINESS -

Chi­nese main­land ship­ping gi­ant COSCO has of­fered $6.3 bil­lion to buy Hong Kong ri­val Ori­ent Over­seas In­ter­na­tional Ltd, which would make it one of the world’s largest con­tainer lin­ers in an in­dus­try dom­i­nated by European play­ers. The move is the lat­est in a con­sol­i­da­tion wave fol­low­ing the 2008 global fi­nan­cial cri­sis, which led to too many ves­sels chas­ing too lit­tle cargo and shrink­ing freight rates. In­dus­try

Newspapers in English

Newspapers from China

© PressReader. All rights reserved.