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 is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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