China Approves COSCO, China Shipping Merger, Announcement Expected Soon -Report
The Chinese authorities has reportedly authorised the long-anticipated merger between two of China’s largest transport teams, China Ocean Shipping Group Co (COSCO) and China Shipping Group, based on a report Beijing-based Caixin Online.
The merger between COSCO and China Shipping will create the world’s fourth largest container transport firm.
According to Caixin, a proper announcement from the businesses is predicted December 11.
The two firms have had shares of their listed items suspended since early August as they put together for the merger.
In September, each firms introduced that their shares would stay suspended pending a serious announcement that “may involve asset restructuring”.
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