• Most Popular
  • Most Shared

Sinotrans and Yangtze agree on logistics merger

Tue Jul 8, 2008 8:33pm EDT

Stocks

   

SHANGHAI, July 9 (Reuters) - Chinese logistics giant Sinotrans has agreed to merge with China Yangtze Transportation (Group) Corp, the listed units of the two companies said on Wednesday.

The merger is still subject to approvals from China's state assets regulator and other related government departments, Nanjing Tanker (600087.SS) and Changjiang Phoenix 000520.SZ said in statements published in the China Securities Journal.

If it goes ahead, the move would create a sprawling transport corporation operating everything from marine, oil and river shipping to express delivery, freight forwarding and warehousing, as Beijing spurs consolidation of a large but fragmented sector.

Analysts have said the deal would open opportunities for Sinotrans' listed units -- Sinotrans Ltd (0598.HK) and Sinotrans Shipping Ltd (0368.HK) -- to buy assets from their state parent in the future, though it was not expected to have an immediate impact on the listed firms. (Reporting by Alfred Cang; editing by Ken Wills)



More from Reuters

Photo

East Coast tunnels out from severe snowstorm

NEW YORK (Reuters) - The Northeast began digging out on Sunday from a massive snowstorm that buried cities from Washington to Boston under as much as two feet of snow, creating travel chaos and hampering Christmas shopping. | Video

» More Top News
A woman shops at a Sam's Club store, a division of Wal-Mart Stores, in Bentonville, Arkansas June 4, 2009. REUTERS/Jessica Rinaldi

The food-stamp economy

On the last day of every month, shoppers at Walmart load their carts with food and household items and wait for the midnight hour. Is this the new normal in America?  Full Article 

U.S.
Two men shake hands in a file photo. REUTERS/File

Let's make a deal

The battered M&A sector will make a tepid recovery in the coming year and three hot sectors will lead the way, according to a Thomson Reuters analysis.  Full Article 

Global Deals Review