China's Cosco Shipping to acquire Orient Overseas for $6.3b

China's Cosco Shipping to acquire Orient Overseas for $6.3b

A sign COSCO is seen behind tree branches atop of the company's headquarters in Beijing November 8, 2013. REUTERS/Barry Huang

Cosco Shipping Holdings Ltd. agreed to buy Orient Overseas International Ltd. for $6.3 billion in cash, creating the world’s third-largest container-shipping company as the industry shrinks after years of losses and overcapacity.

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