In a move that we can’t help but think looks suspiciously like war prep, two Chinese state-owned shipbuilders announced Monday plans to merge, according to a new report from Nikkei Asia.
The report says up front the merger could “help them better serve the military”. Key details, such as pricing, asset handling, employee treatment, and protections for dissenting shareholders, have yet to be revealed.
The Nikkei report says that in nearly identical filings to the Shanghai Stock Exchange on Monday night, China CSSC Holdings and China Shipbuilding Industry (CSICL) announced they had signed an agreement to merge.
On Monday, CSSC Holdings’ shares closed at 34.90 yuan, and CSICL’s at 4.98 yuan. The merger would involve CSSC Holdings absorbing CSICL through a stock swap.
Based on current prices, CSSC Holdings’ market cap is 156.08 billion yuan ($22 billion), while CSICL’s is 113.55 billion yuan. The companies aim to “further focus on major state strategy.” […]
— Read More: www.zerohedge.com
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