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2020
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08
Oocl denied takeover rumours
Orient Overseas Container Shipping Co LTD (OOCL) has again refuted rumors of a $4 billion takeover bid by Cosco Shipping Group.
According to a report in the Wall Street Journal, the Chinese company is in advanced talks to buy its shipping rival.
"Ooil's controlling family is more receptive to the idea of a sale, and the two sides are negotiating a price and an announcement could be made as early as next month," the Journal said, citing a person familiar with the matter.
However, a spokesman for OOCL referred to OOCL's statement in January that neither company was aware of the bid.
The Wall Street Journal reported in January that Cosco Shipping Group was considering a $4 billion bid for OOCL.
The container shipping market has been depressed by overcapacity and pressure on rates.
Earlier, Hanjin Shipping collapsed, A. P. Moller-Maersk took over Hamburg South America Line, Japan's three largest shipping companies allied, and Haberrodt merged with the United Arab States Shipping Line.
Shares in Orient Overseas rose 1.71 percent to 53.55 Hong Kong dollars ($6.86) on Wednesday.
Shares in Cosco Shipping rose 4.4 per cent to HK $3.58 this morning.
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