, a subsidiary of COSCO Shipping Holdings (HKEX: 1919), reported a 6% increase in revenue for the first half of 2019, reaching $3.3 billion.
In addition to making COSCO the world's third-largest shipping company and increasing its influence within the Ocean Alliance--OOIL is also a member of the group--the acquisition would result in COSCO taking control of a highly automated container terminal that OOIL
operates under a forty-year lease from Long Beach, California--the largest port in the United States, in combination with the nearby port of Los Angeles.
There has been very little mention of the massive deal in the world media, with only Cocso making low-key announcements that it had received permission from the Committee on Foreign Investment in the United States (CFIUS) to acquire OOIL
on July 7.
The 4.99 per cent stake forms part of the total of 15.1 per cent of the total issued share capital of OOIL
that COSCO SHIPPING has agreed to sell.
"Cosco would have loved to have the Long Beach terminal but they bought OOIL
more for what it could bring to Cosco," Rahul Kapoor, a Bloomberg Intelligence analyst, said by phone Monday.
A statement said Cosco Shipping and SIPG have made a pre-conditional voluntary general offer to all shareholders of OOIL
to acquire all issued shares at an offer price of HK$78.67 in cash.
liquidity is a key driver of Islamic banksAE growth because Islamic banks contribute to the recycling of such liquidity in the economy,o Hassoune said.
In large sauceoan, combine vinegar, water, sugar, allspice, cloves, ginger, cinnamon, and mustard seeds and bring to ooil
. Add rinds, bring bock to boil and simmer 20 minutes.
Within months,the CIA was plotting Operation Ajax, the overthrow of the legally constituted government of Iranian Premier Mohammed Mossadegh, who had just nationalized the Anglo-Iranian Ooil
) in a $6.3-billion deal that will see the Chinese shipping giant become the world's third-largest container shipping line.
The latest offer was made by Chinese shipping giant Cosco Shipping Holdings last Monday to acquire shares of Orient Overseas International Lines (OOIL
), the world's seventh largest shipping company, at an offer price of HK$78.67 ($10.07) in cash, a 37.8 percent premium over the stock's last closing price.
While the Hong Kong-based carrier last closed on HK$57.10 (US$6.78), the offer price for each OOIL
stock is HK$78.67 (US$9.34), aggregating HK$49.23bn) (US$6.30bn) in cash.