COSCO-OOIL would become the third-largest shipping player behind Danish conglomerate Maersk and Mediterranean Shipping Company, headquartered in Switzerland, if the takeover is given the green light. The completion of the buyout will depend on approval from regulators and COSCO shareholders, the companies said in a statement Sunday. Shares in OOIL were up 19 percent in afternoon trading in Hong Kong on Monday, while COSCO rose five percent. COSCO chairman Wan Min said the company remained "committed to enhancing Hong Kong as an international shipping centre". But the companies will continue to be listed separately on the Hong Kong exchange and OOIL's global headquarters will remain in the city.

Source: The Nation Bangkok July 10, 2017 07:30 UTC