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China Merchants' completes takeover of forwarding giant Sinotrans
HONG KONG's China Merchants Group has completed its merger with Sinotrans & CSC, parent company of Sinotrans, China's biggest forwarder.
Sinotrans has now become a wholly-owned subsidiary of China Merchants Group. China Merchants is a major port terminal operator with facilities at 27 ports in 14 countries.
The Chinese government's Assets Supervision and Administration Commission of the State Council approved the reorganisation in December.
The "reorganisation aims to achieve economies of scale and synergies in particular in the areas of logistics, energy and bulk shipping, property development, ports and marine and off-shore engineering between the two groups to speed up the development of an internationally competitive leading enterprise," Sinotrans said.
Sinotrans has now become a wholly-owned subsidiary of China Merchants Group. China Merchants is a major port terminal operator with facilities at 27 ports in 14 countries.
The Chinese government's Assets Supervision and Administration Commission of the State Council approved the reorganisation in December.
The "reorganisation aims to achieve economies of scale and synergies in particular in the areas of logistics, energy and bulk shipping, property development, ports and marine and off-shore engineering between the two groups to speed up the development of an internationally competitive leading enterprise," Sinotrans said.
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