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China’s Cosco Agrees to Buy Shipping Rival OOCL

11th July 2017

Chinese conglomerate Cosco Group has agreed in principle to buy smaller shipping rival Orient Overseas Container Line Co. in deal that could be valued around $6 billion, two people involved in the talks said.

The takeover, which could be announced as soon as Monday, will make Cosco the world’s third-biggest container carrier after Denmark’s Maersk Line and Swiss-based Mediterranean Shipping Co. It will also create the second-biggest mover of U.S. imports with a 10.8% market share, according to the Journal of Commerce.

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