April 3, 2018 / 7:58 AM / 4 months ago

CORRECTED-China Cosco Shipping's takeover of OOCL to complete by end-June -vice chairman

(Corrects Huang’s title to vice chairman, not chairman)

SHANGHAI, April 3 (Reuters) - China Cosco Shipping’s planned acquisition of Orient Overseas Container Line (OOCL) is on track to be completed by the end of June, the company’s vice chairman Huang Xiaowen said on Tuesday.

Huang, speaking at a press conference in Shanghai, said the firm was still answering questions from the Committee on Foreign Investment in the United States on the deal, and was also awaiting a number of domestic approvals.

Cosco Shipping last year offered to buy Orient Overseas International Ltd (OOIL) in a $6.3 billion deal that will see the Chinese shipping giant become the world’s third-largest container shipping line. OOCL is the main subsidiary of OOIL. (Reporting by Brenda Goh; Editing by Muralikumar Anantharaman)

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