=MARKET BUZZ: Orient Overseas Set For 4-Month High; One Step Closer To Takeover
HONG KONG (May 17) -- Shares of Orient Overseas (OOIL) up 2.5% at HK$74.95, poised for its highest level since January, after receiving filing acceptance from National Development and Reform Commission for COSCO Shipping Holdings' offer; state-owned assets regulator SASAC approved filing last year. COSCO Shipping rises 0.5%. Worth noting that offer to take over Orient Overseas was first announced in July 2017. China Galaxy International describes acceptance from NDRC as "a breakthrough" in a takeover process that has taken "much longer than previously expected"; adds, anti-trust review in China is now only precondition left to fulfill by end of June 2018. House believes "there is no reason for the Chinese government to reject the deal" and share price of OOIL will move closer to general offering price of HK$78.67 per share. House says COSCO could also attract market attention on recent rebound in China Containerized Freight Index.
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