a DSGVO) or personal identifiers, IP addresses, as well as your individual usage behavior (Art. Some of the information stored on your device, such as cookies (§ 25 Abs. Cosco expects the Ministry of Commerce to approve the deal by the end of June.We collect personal data and also transmit it to third-party providers that help us improve and finance our digital content. The proposed Cosco deal also would need approval from China’s Ministry of Commerce, which is waiting for CFIUS’s ruling. ![]() These assets haven’t been part of the discussions, the people said. ports, including another pier at Long Beach as well as at the ports of Los Angeles and Seattle. imports with an 11.8% market share, according to the Journal of Commerce.Ĭosco has minor investments in other U.S. It also would create the second-biggest mover of U.S. “We have fulfilled what CFIUS has asked.”Ī takeover of Orient Overseas would make Cosco the world’s third-biggest container operator in terms of capacity, behind Denmark’s Maersk Line and Switzerland-based Mediterranean Shipping Co. “We don’t expect the tariffs issue to become a barrier in the Cosco-OOIL deal,” said a senior Cosco official, who asked not to be named. President Donald Trump escalated a trade conflict with China this week, asking his administration to identify a new list of $200 billion in Chinese goods that would be penalized with tariffs. ![]() and China, with leaders threatening to impose new tariffs and regulators on both sides of the Pacific weighing in on more matters. Its review of the shipping deal comes at a tense time between the U.S. ![]() to Chinese billionaire Jack Ma’s Ant Financial Services Group. and the sale of MoneyGram International Inc. Global port operators estimate the terminal is worth up to $1.5 billion.ĬFIUS has scuttled several recent transactions, including Broadcom Ltd.’s $117 billion takeover of chip rival Qualcomm Inc. The terminal is expanding to facilitate ships carrying more than 20,000 boxes each.Ĭosco is looking for a buyer for the facility, another person said. that is almost fully automated and can handle some of the largest container vessels. The Long Beach terminal is one of the few in the U.S. A spokesman for the Treasury didn’t immediately provide comment. It isn’t clear if that would satisfy concerns at CFIUS, which is chaired by the Treasury Department. “It also filed a number of amendments previously required by CFIUS.” “Cosco will have no involvement or influence in the trust,” this person said. ![]() management for up to a year, until it is sold, one person directly involved in the matter said. 0316 4.23%, announced in July 2017, is undergoing a review by the Committee on Foreign Investment in the U.S., a federal panel that vets foreign purchases of American companies on national-security grounds.Ĭosco executives met with CFIUS officials last week in Washington and proposed to place the Long Beach terminal in a third-party trust under U.S. The terminal is part of Cosco’s proposed $6.3 billion purchase of an Asian shipping rival, which holds a long-term concession to operate the facility at the Port of Long Beach, one of the biggest gateways for imports into the U.S.Ĭosco’s takeover of Orient Overseas International Ltd.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |