Friday 13 November 2015

Beijing set to approve Cosco-China Shipping merger this year

Sea News 

Beijing is expected to give the go-ahead at the end of the year for the merger draft plan of COSCO Group and China Shipping Group, according to a source familiar with the matter, the Lloyd's Loading List reported. After approval is given, the two giants and their subsidiaries will begin to restructure their debts, and a formal announcement about the consolidation can be expected early next year, the source said. It's believed that both companies will merge their container shipping businesses first, due to the economies of scale which can be created in the sector. However, the source said the two state-owned conglomerates might start merging their different segments, including bulker, tanker, boxship and ports all at the same time, though Beijing will still have the final say. "There are many difficulties to be resolved," the source added.


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