September 06, 2026 11:13 pm (IST)
Follow us:
China shipping company to buy out HK rival, set to become world's third biggest
Beijing, Jul 10 (IBNS): Chinese shipping giant Cosco is set to become world's third biggest company following the acquisition of its Hong Kong rival OOIL, reports said.
The deal would enable Cosco to run more than 400 vessels.
The family of Hong Kong's first Chief Executive Tung Chee-hwa, who founded the company, and is the majority owner (with 69 percent stake), has accepted the proposal.
However, both the companies will need approval of US and Chinese regulators for the deal to be finalised.
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
Support objective journalism for a small contribution.
Latest Headlines
TCS’ HyperVault to establish large-scale AI data center campus in Telangana: Know all details
Sun, Sep 06 2026
Is This the Right Time to Lock Your Savings in an FCNR Deposit?
Sat, Sep 05 2026
Thales and Kalyani Strategic Systems Limited sign Strategic Alliance Agreement for 70-mm Rocket Systems
Fri, Sep 04 2026
Axis Bank and Scapia launch co-branded credit card for India's new generation of travellers
Fri, Sep 04 2026
What is MillionR Special Edition? TVS Motor celebrates one million TVS iQube families. All you need to know
Fri, Sep 04 2026
‘What was lacking was a government’: Sanjiv Goenka’s big praise for Suvendu Adhikari
Fri, Sep 04 2026