The Chinese line COSCO Shipping Holdings has been given permission from the Chinese anti-trust authorities for its proposed US$6.3bn takeover of the Orient Overseas Container Lines (OOCL).
The approval came just in time to enable COSCO to meet its set date for the completion of the deal at the end of June.
In a joint statement, the two lines said: “On June 29, COSCO Shipping Holdings received the decision from the Anti-Monopoly Bureau of the State Administration for Market Regulation not to prohibit the offer. Accordingly, all the pre-conditions to the offer have been fulfilled.”
When the deal is finally completed, COSCO will be the world’s third-largest container carrier with a combined fleet of 400 ships and a capacity of more than 2.9mn teu.