April 24, 2026 02:59 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
Nissan Motor India, Avis India announce partnership for leasing and subscription-based solutions
Fri, Apr 24 2026
Infosys shares extend losses to 6% post Q4 results
Fri, Apr 24 2026
Meta to cut 8,000 jobs: Reports
Fri, Apr 24 2026
As Tim Cook steps down, Sundar Pichai’s reaction grabs attention
Wed, Apr 22 2026
Pension guarantee that’s winning India: Atal Pension Yojana records 9 crore subscribers
Wed, Apr 22 2026
Online Holiday Insurance for International Trips: A Well-Prepared Buyer's Checklist for Indian Travellers in 2026
Wed, Apr 22 2026
Persistent Systems shares fall 5% after weak Q4 earnings miss
Wed, Apr 22 2026
Sensex crashes 800 pts, Nifty below 24,500 as markets shrug off Trump’s Iran ceasefire extension
Wed, Apr 22 2026
Big milestone alert: UltraTech Cement crosses 200 MTPA capacity
Tue, Apr 21 2026