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Sinotrans Shipping says parent in merger talks

Tue Jun 17, 2008 8:18pm EDT

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HONG KONG, June 18 (Reuters) - Sinotrans Shipping Ltd (0368.HK) said late on Tuesday controlling shareholder China National Foreign Trade Transportation (Group) Corp, or Sinotrans Group, was considering a merger with China Changjiang National Shipping Corp.

The Hong Kong-listed firm said Sinotrans Group, the nation's logistics giant holding 67.51 percent of Sinotrans Shipping, was in talks with China Changjiang on key aspects of the possible merger and related reorganisation but it gave no further details.

For full statement please see here Sinotrans Group also holds a 57.93 percent stake in Sinotrans Ltd (0598.HK), while China Changjiang's listed units include Nanjing Tanker (600087.SS) and Changjiang Phoenix (000520.SZ).

In May, Shanghai Securities News had reported that Sinotrans Groupp and China Changjiang planned to merge into China's second-largest shipping logistics firm. (Reporting by Donny Kwok; Editing by Keiron Henderson)



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