GSI moves ahead with Longxue takeover

Guangzhou: First announced in June, Hong Kong- and Shanghai-listed Guangzhou Shipyard International has moved ahead to buy sister firm Longxue Shipbuilding for $956m, consolidating ship construction in the southern Chinese metropolis. Both yards are part of state-run China State Shipbuilding Co (CSSC). GSI has tapped CSSC, Baosteel and China Shipping, the original stakeholders in Longxue, southern China’s largest yard, to raise $361m in a private placement. [01/10/13]

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