China Merchants, Sinotrans & CSC Wrap Up Merger

Image Courtesy: Sinotrans

The long-awaited merger agreement between China Merchants Group and Sinotrans & CSC Holdings was finalized on April 10, according to a statement released by Sinotrans Shipping Limited.

With the strategic reorganisation, China’s Sinotrans & CSC became a wholly-owned subsidiary of Hong Kong-based China Merchants.

The merged corporation is expected to further improve the competitiveness of China’s state enterprises and promote industry consolidation.

Under the merger conditions, the two companies would work on reorganizing their tanker shipping business, as well as other businesses including energy and dry bulk shipping, property development, ports, marine and offshore engineering and logistics.

The merger received the official approval from the state-owned Assets Supervision and Administration Commission of the State Council (SASAC) in December 2015.

In March 2016, the parties were urged to pick up the pace of their merger agreement as Li Jianhong, chairman of China Merchants and the person appointed to lead the merger entity, said that the companies should hasten the process.

At the time, there was no mention of an exact date of the completion of the merger.

World Maritime News Staff

Share this article

Follow World Maritime News

In Depth>

Events>

<< May 2018 >>
MTWTFSS
30 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 31 1 2 3

Posidonia 2018

Posidonia, the international shipping exhibition, has long been established as one of the major calendar events…

read more >

Europort 2018

From 15-17 May 2018, the 12th edition of Europort Romania willl take place in the IDU Hall in Constanta…

read more >

THE 7TH EDITION OF NAVALIA, INTERNATIONAL SHIPBUILDING EXHIBITION 2018

The event wanted to be from the beginning a reference for the naval sector and to serve as a tool to attract investors and contracts for the industry…

read more >

BlueWeek2018

The BlueWeek2018 will be held on 28-29-30 May in Rotterdam, under the auspices of the Blue Forum…

read more >