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EC approves COSCO Shipping’s purchase of OOIL

COSCO Shipping’sWithout conditions, it is learnt that the European Commission (EC) has approved COSCO Shipping’s purchase of Orient Overseas Container Lines’ (OOCL) parent company, Orient Overseas International Ltd (OOIL).

On the Northern Europe to North America trade routes, although the deal would have “very significant” effects between COSCO and OOCL the EC concluded it led to no anti-trust concerns due to the “presence of significant competitors post-merger” and the lack of existing competition.

As per the report, it is said that the transaction would affect eight trade routes, among them, being both legs of the Northern Europe to North America, Northern Europe to the Far East, the Mediterranean to the Middle East and the Mediterranean to the Far East trade routes.