News Content
China gives go-ahead to China Merchants-Sinotrans/CSC Holdings merger
CHINA's state asset regulator said the State Council cleared transport conglomerate Hong Kong-listed China Merchants' takeover of Sinotrans & CSC Holdings Co, reported Reuters.
The deal, reported by financial magazine Caixin, merges China Merchants' CNY624 billion (US$96 billion) and Sinotrans & CSC Holdings' CNY109 billion assets.
China Merchants' business includes ports, shipping and financial services, while Sinotrans & CSC is involved in logistics and vessel chartering.
This, said Sinotrans, will result in "economies of scale and synergies in integrated logistics, resource and bulk cargo transport, development of industrial parks, port and air transport operations and equipment manufacturing".
Earlier in December, China's cabinet approved the merger of the two biggest state-backed shipping conglomerates, Cosco Group and China Shipping Group
The deal, reported by financial magazine Caixin, merges China Merchants' CNY624 billion (US$96 billion) and Sinotrans & CSC Holdings' CNY109 billion assets.
China Merchants' business includes ports, shipping and financial services, while Sinotrans & CSC is involved in logistics and vessel chartering.
This, said Sinotrans, will result in "economies of scale and synergies in integrated logistics, resource and bulk cargo transport, development of industrial parks, port and air transport operations and equipment manufacturing".
Earlier in December, China's cabinet approved the merger of the two biggest state-backed shipping conglomerates, Cosco Group and China Shipping Group
Latest News
- For the first time, tianjin Port realized the whole process of dock operati...
- From January to August, piracy incidents in Asia increased by 38%!The situa...
- Quasi-conference TSA closes as role redundant in mega merger world
- Singapore says TPP, born again as CPTPP, is now headed for adoption
- Antwerp posts 5th record year with boxes up 4.3pc to 10 million TEU
- Savannah lifts record 4 million TEU in '17 as it deepens port
