China’s two shipbuilding giants to merge

SHANGHAI, Jul 2 (SMM) – Two state-owned shipbuilders are planning to merge, their listed arms said in separate exchange filings on Monday July 1.

The long-rumoured merger between China Shipbuilding Industry Corp (CSIC) and China State Shipbuilding Corp Ltd (CSSC), is still subject to approvals from related authorities and a detailed plan for the strategic restructuring has yet to be finalised, according to the filings.