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China's Cosco to buy Orient Overseas for $6.3B

Posted online July 10, 2017 | 11:32 am

China's biggest shipping company is buying the world's No. 3 container shipping giant.

State-owned Cosco Shipping Holdings Co. agreed to purchase rival Orient Overseas Ltd. for $6.3 billion.

Adding Orient Overseas would give Cosco market share of 11.7 percent.

Read more from The Associated Press.

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