U.S. reportedly raises objections to state-run Chinese company taking control of Long Beach port terminal [Los Angeles Times (CA)]
Broadcom Inc. (AVGO)
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Source: Los Angeles Times
U.S. reportedly raises objections to state-run Chinese company taking control of Long Beach port terminal U.S. regulators are reportedly raising objections that Cosco Shipping, a state-run Chinese company, could take control of a container terminal at the Port of Long Beach as part of its $6.3-billion acquisition of another company. The concerns have been raised by the Committee on Foreign Investment in the United States, according to a report in the Wall Street Journal, which cited unnamed sources. The secretive committee, which is chaired by the Treasury Department and focuses on national security, is reviewing Cosco's planned acquisition of Orient Overseas International because that Hong Kong company has some assets in the U.S., a Cosco vice chairman has said. The assets include a nearly fully automated terminal known as the Long Beach Container Terminal, for which Orient Overseas has a long-term lease. According to the Wall Street Journal, Cosco executives have proposed to divest
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