Slaughter and May is advising OOIL in relation to the Pre-Conditional Voluntary General Cash Offer by COSCO SHIPPING Holdings for All the Issued Shares of OOIL10 Jul 2017
Slaughter and May, Hong Kong, is advising Orient Overseas (International) Limited (OOIL), in relation to the pre-conditional voluntary general cash offer (Offer) by UBS on behalf of Faulkner Global Holdings Limited (a wholly-owned subsidiary of COSCO SHIPPING Holdings Co., Ltd (COSCO SHIPPING Holdings)) together with Shanghai Port Group (BVI) Development Co., Limited (a wholly-owned subsidiary of Shanghai International Port (Group) Co., Ltd. (SIPG)) as joint offerors to acquire all the issued shares in OOIL.
Under the announcement dated 7 July 2017, the Offer will be made after the fulfilment or waiver of certain pre-conditions. The amount of cash required to satisfy the consideration of the Offer is approximately HK$49.2 billion (US$6.3 billion).
J.P. Morgan is the financial adviser to OOIL, while UBS is advising the joint offerors.
OOIL is one of the largest container shipping company in the world and has been listed on the Main Board of the Hong Kong Stock Exchange since 1992 (Stock Code:316). The OOIL Group is principally engaged in the provision of container transport and logistic services. Orient Overseas Container Line Limited, a wholly owned subsidiary of OOIL, is one of the world’s largest integrated international transportation, logistics and terminal companies, and is an industry leader in the use of information technology and e-commerce to manage the entire cargo transport process.
COSCO SHIPPING Holdings is listed on the Main Board of the Hong Kong Stock Exchange since 2005 (Stock Code: 1919) and the Shanghai Stock Exchange since 2007 (Stock Code: 601919). COSCO SHIPPING Lines, a subsidiary of COSCO SHIPPING Holdings, is also among the world’s largest container shipping companies. After the completion of the Offer, the combined COSCO SHIPPING Lines and OOIL will become one of the world's leading container shipping companies with more than 400 vessels and capacity exceeding 2.9 million TEUs including order book.
SIPG is a company listed on the Shanghai Stock Exchange (Stock Code: 600018) and has been the operator of the Port of Shanghai, the world’s largest port in terms of container and cargo throughput for several consecutive years since 2010.
This deal was recognised in the China Business Law Journal’s Deals of the Year 2017 Report and awarded Deal of the Year 2017 in the Overseas M&A; and Shipping categories.
Corporate: Peter Brien (partner), Benita Yu (partner), John Moore (partner), James Feng (associate), Gloria Hsu (associate)
Competition: Natalie Yeung (partner), Paddy Law (associate), Jamie Logie (associate)
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