Chinese state-run logistics firm Cosco Shipping has been granted approval for the $6.3 billion takeover of competitor Orient Overseas International from US regulators, the Wall Street Journal reports.
The green light from US Committee on Foreign Investment, or Cfius, was the last hurdle for the deal announced one year ago. Cosco had already been approved by Chinese and European antitrust regulators.
Cfius, whose remit is to scrutinise investment deals pertinent to the US for potential threats to national security, said that it did not have any unresolved issues of that nature related to the takeover after Cosco agreed to sell off a large shipping terminal at Long Beach, California to US buyers, in a concession to the US department of Homeland Security.
The acquisition will make Cosco the world’s third-largest shipping operator, according the Journal.