July 9, 2017 / 12:20 PM / a month ago

China's COSCO Shipping offers $6.3 billion for Orient Overseas Ltd

A sign COSCO is seen behind tree branches atop of the company's headquarters in Beijing November 8, 2013.Barry Huang/File Photo

BEIJING (Reuters) - China's COSCO Shipping Holdings Co Ltd said on Sunday it offered to buy smaller competitor Orient Overseas International Ltd (OOIL) for HK$49.23 billion ($6.30 billion).

COSCO Shipping is acting in coordination with Shanghai Port Group, operator of the Port of Shanghai, which has agreed to buy 9.9 percent of the company, according to filings with the Hong Kong and Shanghai stock exchanges.

The buyers are offering HK$78.67 for each OOIL share.

($1 = 7.8116 Hong Kong dollars)

Reporting By Matthew Miller; editing by John Stonestreet

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