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 108,746 members that receive our newsletter.
Have a news tip? Let us know.
U.S. President Donald Trump on Wednesday said he was reversing a license given to Chevron to operate in Venezuela by his predecessor Joe Biden more than two years ago, accusing President Nicolas Maduro of not making progress on electoral reforms and migrant returns.
Mexico is working with the United States to reach an agreement on tariffs before an impending deadline, a senior Mexican government official said on Wednesday, and the U.S. recognized its work to control migration and fentanyl trafficking.
When President Donald Trump sat down to lunch with his Japanese counterpart this month, talk turned quickly to how Tokyo could help realise a decades-old proposal to unlock gas in Alaska and ship it to U.S. allies in Asia.
Maritime and offshore news trusted by our 108,746 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
