Deals
China Takes Lead in Pacific Shipping After $6.3 Billion Deal
- Cosco-OOCL combination trumps CMA CGM on Americas traffic
- Merged company will pip Taiwan’s Evergreen on Pacific route
Cosco Offers to Buy Orient Overseas for $6.3 Billion
This article is for subscribers only.
China is the new leader of shipping trade to the Americas.
State-owned Cosco Shipping Holdings Co.’s $6.3 billion offer to buy Orient Overseas International Ltd. would create an entity that’s the biggest shipping company moving boxes to the North American continent from Asia, beating Copenhagen-based A.P. Moller-Maersk A/S and France’s CMA CGM SA. The takeover, announced Sunday in Hong Kong, would also create the biggest sea-box carrier through the Pacific Ocean.