Cosco, China Shipping Group Intensify Merger Talks

Trading in shares of the Singapore-listed Cosco Corporation (Singapore) Limited will remain suspended for an undisclosed period of time after its parent company, China Ocean Shipping (Group) Company (Cosco), announced that ”the proposed significant transaction,” presumably the merger with China Shipping Group, ”is still under intensified planning.” 

In a stock filing dated October 19, Cosco Singapore said that ”the above transaction is relatively complicated and may involve asset reorganisation,” and that ”it is still pending further study and analysis.” 

”Given that there is material uncertainty and the Company is not able to ascertain if the proposed transaction may or may not have a material impact on the Company’s securities, in order to ensure fair disclosure of information, safeguard the interest of investors and prevent unusual fluctuation of share prices of the Company, the trading in the shares of the Company will continue to be suspended,” Cosco Singapore said in the filing.

The government of China has reportedly ordered the merger of two of the country’s largest state-owned shipping companies at the beginning of August.

Following the announcement, both Cosco  and China Shipping Group, and their respective subsidiaries, suspended trading from stock exchanges in anticipation of a “major announcement.”

Share this article

Follow World Maritime News

In Depth>

Events>

<< Apr 2017 >>
MTWTFSS
27 28 29 30 31 1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30

BARI-SHIP2017

At Bari-Ship you will meet not only the owners and leaders of these companies, but also the entire spectrum of managerial, operational and production staff…

read more >

THE 30TH WORLD PORTS CONFERENCE Enabling Trade Energizing The World

This event is expected to have more than 500 attendees from the field of port, logistics, shipping and maritime industry…

read more >

Canada LNG Conference & Exhibition 2017

The 2017 conference will bring a re-invigorated program across three days focusing on technical innovation, domestic market opportunities…

read more >

9th Annual: UK Ports Conference 2017

The UK Ports Conference returns for the ninth year to provide the latest insights for the ports, shipping and maritime sectors, reviewing…

read more >