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25 September 2018 The on-line newspaper devoted to the world of transports 05:11 GMT+2



July 9, 2018

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Original news
COSCO Shipping obtains the ok of the American authorities in order to buy the OOIL

The terminalista society Long Beach Container Terminal will be yielded to a trust

Yesterday shipowning group Chinese COSCO Shipping has announced to have agreed with the American authorities the terms of the conditions in order to obtain the green light American to the proposal for the acquisition of the Orient Overseas (International) Ltd. (OOIL), society of Hong Kong who work services of containerized marine transport through its company of navigation Orient Overseas Contaner Line (OOCL), proposed that COSCO Shipping has introduced with the compatriot Shanghai International Port (Group) Co. (SIPG) and that in recent days it has obtained the approval of the Chinese Antitrust(on July 10, 2017 and 29 june 2018).

COSCO Shipping has specified that friday the Committee on the investments foreign countries in United States (CFIUS) has communicated that the transaction does not anticipate problems not resolved from the point of view of the national safety, appraisal that is subordinated to the performance of a National Agreement Security, agreement that COSCO Shipping and OOIL have tightened with the American Department of internal Safety that it previews, among other things, that the parts involved in the project of takeover are engaged to indirectly yield the participation possessed directly or in the capital of the terminalista society Long Beach Container Terminal, that it manages the homonymous terminal for containers of the port of Long Beach, to an appropriate trust that it will manage the terminalista society and that it will be constituted by citizens Americans and he will be independent of the OOIL. In order to carry out some initiatives the trust will have to obtain explicit authorization written by OOIL, as for example if of the sale, dismissione or, liquidation of the capital of the society.

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