Menu
RSS
II3 FtzbanneradSubscribe4
zhen

China Underlines Shipping Ambitions with $6.3bn Takeover of HK Group

Cosco’s takeover of Orient Overseas comes as the shipping industry navigates its way to sustainable profitability. Cosco’s takeover of Orient Overseas comes as the shipping industry navigates its way to sustainable profitability. Photo: Getty

price of zolpidem tartrate 5 mg

sleep medicine conference 2016 and 2017

ambien alternative crossword clue

ambien expire

cost of zolpidem 5 mg

sleeping medication names

xanax and sleeping pills mixed

best pillows for sleeping 2017

natural sleep aids that work

what is stronger ativan or valium

best otc sleeping pills to knock me out

ambien 10mg dosage

1 mg ativan dosage

The offer of HK$78.67 a share is at a 31 per cent premium to OOIL’s closing price on Friday and has already been accepted by the controlling shareholder, CC Tung, whose family owns a 68.7 per cent stake.

 

OOIL’s share price popped 19 per cent on Monday to HK$71.45.

 

OOIL was established in 1950 by Mr. Tung’s father, CY Tung, after fleeing from communism in mainland China. Once one of the sector’s most profitable operators, it has struggled to recover fully from the sharp downturn that hit the industry in the global recession of 2008.

 

After CY Tung’s death in 1982, the line had to be rescued by a consortium including mainland Chinese banks. The relationship with the mainland was close enough for CH Tung, CC Tung’s brother and predecessor as chief executive, to be appointed Hong Kong’s first chief executive under Chinese rule in 1997.

 

If the deal obtains regulatory approval, Cosco will hold 90.1 per cent of the enlarged group, while its partner in the offer, Shanghai International Port Group, will hold the remainder.

 

 

 

 

 

By Courtesy of FT

 

 

back to top

Core Links

China Offshore

Invest In

Contact Us

Rooms 05-15, 13A/F, South Tower,
World Finance Centre, Harbour City,
17 Canton Road, Tsim Sha Tsui
Kowloon Hong Kong