SHANGHAI, Sept 16 (Reuters) – China Ocean Shipping (Group) Company (COSCO) and China Shipping Group, two of the country’s largest shipping firms, said shares in their listed companies would remain suspended pending a complex matter under research that “may involve asset restructuring”.
The listed units of the two state-owned companies, including COSCO’s flagship China Cosco and China Shipping’s China Shipping Development , halted trading in their shares from Aug. 10, adding at the time that they were “planning major issues”.
The announcement from both companies on the Shanghai Stock Exchange website late on Tuesday was the first public mention by either company of possible merger talks. A source with direct knowledge of the matter told Reuters earlier that a possible merger between the two firms was being discussed.
COSCO and China Shipping are currently the world’s sixth and seventh largest container shipping firms, respectively, according to consultancy Alphaliner. (Reporting by John Ruwitch; Editing by Kazunori Takada)
(c) Copyright Thomson Reuters 2015.
Join the gCaptain Club for curated content, insider opinions, and vibrant community discussions.
Join the 110,118 members that receive our newsletter.
Have a news tip? Let us know.
A Russian Navy frigate equipped with new generation hypersonic cruise missiles has conducted drills in the English Channel and is carrying out tasks in the Atlantic Ocean, Russian news agencies reported on Tuesday.
(Bloomberg) — Chinese lawmakers got a head start on the US election this week as they gathered to vote on the largest fiscal package since the pandemic. But now that...
By Dimitri Rhodes Nov 7 (Reuters) – Belgian oil tanker company CMB Tech says it will focus on the fast growing market in India as it reported third quarter results...
Access exclusive insights, engage in vibrant discussions, and gain perspectives from our CEO.
Sign Up
Maritime and offshore news trusted by our 110,118 members delivered daily straight to your inbox.
Essential news coupled with the finest maritime content sourced from across the globe.
Sign Up
Join The Club
