Davis Polk is advising Citigroup Global Markets Asia Limited as independent financial adviser to the independent board committee of Orient Overseas (International) Limited (“OOIL”) on the acquisition of all of the issued OOIL shares held by qualifying OOIL shareholders by COSCO Shipping Holdings Co., Ltd. (“COSCO SHIPPING Holdings”) and Shanghai International Port (Group) Co., Ltd. (“SIPG”) by way of a general offer. The general offer is conditional upon the acceptance of the offer resulting in the joint offerors and their concert parties holding more than 50% of the voting rights in OOIL.
COSCO Shipping Holdings was established in the PRC and through its various subsidiaries, provides a wide range of container shipping and terminal services covering the whole shipping value chain for both international and domestic customers. SIPG is a company incorporated in PRC and listed on the Shanghai Stock Exchange. SIPG is principally engaged in port-related business. OOIL was incorporated in Bermuda and is listed on the Stock Exchange of Hong Kong. OOIL and its subsidiaries are principally engaged in the provision of container transport and logistic services.
The Davis Polk corporate team includes partner Paul Chow, counsel Yang Chu and associate Karen Kong. All members of the Davis Polk team are based in the Hong Kong office.