CSIC eyes European acquisitions

Beijing: Despite the travails of the lack of orders at home one of China’s shipbuilding majors is looking at taking advantage of the downturn by acquiring some overseas yards to boost its technology expertise. China Shipbuilding Industry Corp (CSIC), the state-run entity that controls many northern Chinese yards, said recently that  it had held advanced talks with one European shipbuilder so far.

"The talks did not bear any fruit but they did help us gain experience in negotiating with European companies," a senior executive, Sun Bo  said recently.

"We will continue pursuing the idea (of mergers and acquisitions of European shipbuilding companies)," he added.  [15/08/12]

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