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Cosco gets US approval for OOIL acquisition

The Chinese shipping conglomerate's acquisition of OOIL has now secured a much-anticipated US approval after the two parties have agreed to sell the Long Beach Container Terminal.

Photo: /ritzau/AP

China's Cosco has been cleared by US regulators to acquire Hong Kong-based Orient Overseas International Ltd., the parent company of liner shipping company OOCL.

The approval comes after Cosco and OOCL agreed to sell the former's 40-year concession to operate and develop the Long Beach Container Terminal in Middle Harbor, California, inform the parties in a notice to the stock exchange.

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