COSCO SHIPPING holdings and SIPG jointly offer to acquire OOIL
On July 9, 2017 COSCO SHIPPING Holdings Co. Ltd. (“COSCO SHIPPING Holdings”), a majority owned subsidiary of China COSCO SHIPPING Corporation Ltd., Shanghai International Port (Group) Co., Ltd (“SIPG”)and Orient Overseas (International) Limited (“OOIL”) jointly announced that COSCO SHIPPING Holdings and SIPG have made a pre-conditional voluntary general offer (“Offer”) to all shareholders of OOIL. This offer is subject to the necessary regulatory approvals as well as approval from COSCO SHIPPING Holdings. Prior to the completion of the offer, COSCO SHIPPING Lines and OOCL shall adhere to the requirements of regulatory bodies, comply with international anti-trust regulations, rigorously fulfill services contracts and commitments to customers and provide professional, efficient, reliable and consistent service as always
After the completion of the offer, COSCO SHIPPING Holdings intends to retain the listing status of OOIL. COSCO SHIPPING Lines and OOCL will continue to operate under their respective brands, providing global container shipping services. COSCO Shipping Lines will continue to provide you with high-quality services, and fulfil all our commitments to you as valued customers.
Post-closing, the combined COSCO SHIPPING Lines and OOCL will become one of the world’s leading container shipping companies with more than 400 vessels and capacity exceeding 2.9 million TEU (including orderbook). The outstanding management system and service capabilities, as well as established global shipping network, of COSCO SHIPPING Lines and OOCL can provide customers of both COSCO SHIPPING Lines and OOCL with more diversified product offerings and better service experience.
We truly appreciate your support to COSCO SHIPPING Lines over the years. Going forward, we will continue to honor our long-term commitments and further improve our services. We hope to expand our cooperation with your company by providing more diversified products offerings.