Economics

China's COSCO in multi-billion buyout of Hong Kong rival

The move is the latest in a consolidation wave following the 2008 financial crisis, which led to too many vessels chasing too little cargo and shrinking freight rates.

10.07.2017

HONG KONG, July 10, 2017 (AFP) - Chinese shipping giant COSCO has offered $6.3 billion (€5.5 billion) to buy Hong Kong's rival firm Orient Overseas International Ltd, which would make it one of the world's largest container liner in an industry dominated by European players.

The move is the latest in a consolidation wave following the 2008 financial crisis, which led to too many vessels chasing too little cargo and shrinking freight rates.