The merger of Cosco and China Shipping has been given the go ahead by China’s State Council according to a local media report.
The shares of Cosco and China Shipping, and listed subsidiaries have been suspended since August pending an announcement, when news of merger talks first came to light.
Caixin Online reported that China’s State Council had approved the merger and the two companies were expected to make an announcement on the next step in their plans to come together.
According to the report, the merged entity would be known China Cosco Shipping Group and be headquartered in Shanghai.
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