Cosco Deal to Make Ex-Hong Kong Chief, Family $1 Billion Richer
- Tung Chee-hwa and family will see wealth rise to $6.7 billion
- Cosco’s bid places a 31 percent premium on Orient Overseas
Cosco Offers to Buy Orient Overseas for $6.3 Billion
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Former Hong Kong Chief Executive Tung Chee-hwa and his family will be about $1 billion richer with the sale of their container shipping line to Cosco Shipping Holdings Co.
Tung’s personal net worth will increase by about $400 million to $2.9 billion, according to the Bloomberg Billionaires Index, based on the $6.3 billion Cosco offered for his family’s Orient Overseas International Ltd. Tung, 80, who was chairman of the business before becoming Hong Kong’s first leader during the British handover of sovereignty in 1997, owns 30 percent of the company.