COSCO, China Shipping Admit Possible ‘Asset Restructuring’

SHANGHAI, Sept 16 (Reuters) – China Ocean Shipping (Group) Company (COSCO) and China Shipping Group, two of the nation’s largest delivery corporations, mentioned shares of their listed firms would stay suspended pending a posh matter beneath analysis that “may involve asset restructuring”.

The listed models of the 2 state-owned firms, together with COSCO’s flagship China Cosco and China Shipping’s China Shipping Development , halted buying and selling of their shares from Aug. 10, including on the time that they had been “planning major issues”.

The announcement from each firms on the Shanghai Stock Exchange web site late on Tuesday was the primary public point out by both firm of potential merger talks. A supply with direct data of the matter informed Reuters earlier {that a} potential merger between the 2 corporations was being mentioned.

COSCO and China Shipping are at the moment the world’s sixth and seventh largest container delivery corporations, respectively, based on consultancy Alphaliner. (Reporting by John Ruwitch; Editing by Kazunori Takada)

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