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China: Beijing seals Cosco/China shipping merger

By  |  May 5, 2016

The listed subsidiaries of Cosco and China Shipping have all made announcements that the State-owned Assets Supervision and Administration Commission of the State Council (SASAC) has transferred for free its entire equity interest in Cosco and China Shipping to China Cosco Shipping Corporation (Coscocs), the new shipping conglomerate in China created by the merger of Cosco and China Shipping.

Upon completion of the deal, Coscocs will officially become the controlling shareholder of Cosco Group and China Shipping Group.

Cosco and China Shipping started a merger in 2015 at the behest of central government. The merger has created the largest shipping line in the world.

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