Chinese state-run logistics firm Cosco Shipping has been granted approval for the US$6.3 billion takeover of competitor Orient Overseas International from US regulators, the Wall Street Journal reported.
The green light from US Committee on Foreign Investment, or Cfius, was the last hurdle for the deal announced one year ago. Cosco had already been approved by Chinese and European antitrust regulators.
Cfius, whose remit is to scrutinise investment deals pertinent to the US for potential threats to national security, said that it did not have any unresolved issues of that nature related to the takeover after Cosco agreed to sell off a large shipping terminal at Long Beach, California to US buyers, in a concession to the US department of Homeland Security.
The acquisition will make Cosco the world’s third-largest shipping operator, according the Journal.
Full Content: The Wall Street Journal
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Turkey Fines Meta $10.4 Million for Abusing Market Dominance
May 6, 2024 by
CPI
Canadian Watchdog Launches Inquiry into Lululemon’s Greenwashing Practices
May 6, 2024 by
CPI
Massachusetts Supreme Court Deliberates Ballot Redefining Gig Worker Status
May 6, 2024 by
CPI
European Commission Approves Nippon Steel’s $14.9 Billion Buyout of U.S. Steel
May 6, 2024 by
CPI
Banco Sabadell Rejects Rival BBVA Merger Proposal
May 6, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI