Bids submitted for takeover of Californian port concession

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Bids have reportedly been submitted for the sale of Orient Overseas Container Line (OOCL)'s 40-year concession to operate Long Beach Container Terminal by Blackstone Group, KKR, EQT Partners and Macquarie Group.

OOCL was awarded the concession in January 2012. The sale is due to the takeover of OOCL's parent company, Orient Overseas International Limited (OOIL), by China Ocean Shipping Company (COSCO). U.S. regulators ordered the divestment of the terminal to approve the merger.

The container terminal is located at the Port of Long Beach in southern California, a key gateway for trans-Pacific trade. It is the second-busiest container seaport in the United States, handling trade valued at more than US$194 billion annually.

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