Both Cosco and China Shipping, via their Hong Kong-listed subsidiaries, have intimated that their proposed merger news will be revealed within the next month.
Both companies suspended trading their shares at the start of August pending a large announcement, which Splash understands will be a merger of much of the two conglomerates.
Yesterday evening, China Cosco Holdings, the Hong Kong-listed flagship of China’s largest maritime conglomerate, said its shares would remain suspended for no more than one more month. Saying the event concerned is “relatively complicated” and “asset reorganization may be involved”, Cosco revealed the transaction proposal still needs to be discussed with intermediaries and regulatory authorities.
Both China Shipping and Cosco said in their releases that a further update would be released next week.
Full content: The Wall Street Journal
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