Hong Kong’s Tung family is emerging as the likely winner following Cosco’s $6.3bn bid for Orient Overseas International Line (OOIL), analysts believe.
Cosco put up its all-cash offer in partnership with Shanghai International Port Group on Sunday, sending shares in the target spiraling upwards on Monday.
OOCL was founded in 1969 by Hong Kong shipping magnate Tung Chao-yung. His son Tung Chee-chen is chairman, president and chief executive of the company, while other family members hold senior roles.
