CSSC and CSIC officially deny merger plans

CSSC and CSIC officially deny merger plans

Shanghai: As speculation continues to grow regarding the merger of China’s two state-owned shipbuilding conglomerates, China State Shipbuilding Corporation (CSSC) and China Shipbuilding Industry Corporation (CSIC), CSSC has released a statement today to officially deny the merger. CSIC have also released a similar announcement today.

CSSC said the group hasn’t received any information from any government department with regard to the merger, and the company hasn’t discussed any merger intentions with CSIC or any government department.

The two shipbuilders swapped top management this week, which has generated more merger speculation within the market. However, swapping top management between state-owned enterprises is common in China – the nation’s top two lines, Cosco and China Shipping, did exactly that four years ago.

Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

Related Posts