China's COSCO Shipping wins US security clearance for $6.3b OOIL deal

Stacked containers, the Port of Le Havre, Seine Maritime, France, Thursday, November 1, 2006. Photographer: Andrew Wheeler/Bloomberg News

China’s COSCO Shipping Holdings said on Sunday a key U.S. review body has cleared its planned $6.3 billion acquisition of shipping firm Orient Overseas International Ltd (OOIL) on security issues.

COSCO said on June 30 that all pre-conditions for the OOIL offer made last year had been met after receiving approval by the Chinese anti-monopoly regulator. It already has approvals from European and United States anti-monopoly regulators.

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