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Home News Cosco clears U.S. hurdle on Orient Overseas deal (Bloomberg)

Cosco clears U.S. hurdle on Orient Overseas deal (Bloomberg)

Cosco Shipping Holdings Co. pledged to sell a container terminal in California, helping allay concerns of U.S. regulators and clearing the way for its $6.3 billion acquisition of Orient Overseas International Ltd. announced last year.

The state-owned shipping giant signed a national security agreement with the U.S. on July 6 to dispose of the Long Beach facility to a third party, according to a filing to the Shanghai stock exchange on Sunday. The Committee on Foreign Investment in the U.S., known as CFIUS, was reviewing the transaction, which would shift ownership of the Long Beach terminal to Cosco from Hong Kong-based OOIL.

Read more on Bloomberg.

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