Last month, we reviewed the latest round of ocean carrier mergers and acquisitions. We mentioned there were persistent rumors of COSCO buying OOCL. OOCL consistently denied the rumors. Then, BAM, an agreement was reached for COSCO to buy OOCL for $6.3B.
COSCO plans to keep OOCL as a stand alone company to capitalize on their reputation for providing superior service.
Who’s next? Pacific International Lines (PIL) seems to be the next takeover target, possibly by COSCO, but PIL is denying the rumors. Hmmm….