COSCO – China Shipping merger details announced
Chinese state companies, China Ocean Shipping Company (COSCO) and China Shipping Group, have confirmed the initial details of their merger, which will see the world’s sixth and seventh largest container shipping lines combine to create the fourth biggest global carrier.
The pair will “reorganise” themselves into four entities comprising container shipping, ports and terminals, oil and gas transportation and finance.
China COSCO Holdings will acquire 33 container shipping units and affiliates from CSCL for RMB1.1bn yuan (US$177m).
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