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BEIJING, Jun 21 (FAM) – China’s state-owned Cosco Group is in advanced talks to acquire smaller shipping rival Orient Overseas Container Line Ltd. for at least $4 billion, the Wall Street Journal reported.

The deal could be reached as early as July, the newspaper reported, citing people familiar with the matter. China Cosco Shipping Corp. was exploring the possibility of buying Orient Overseas, Hong Kong’s biggest container shipping line to help reduce costs and raise capacity, people with knowledge of the plan said in January.

 

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