January 31, 2018 / 7:36 AM / 10 months ago

China regulator approves nuclear firms' merger in latest state-backed power deal

BEIJING, Jan 31 (Reuters) - China’s state asset regulator said on Wednesday it has approved the proposed merger of China Nuclear Engineering & Construction (CNEC) and China National Nuclear Corp (CNNC), the latest state-orchestrated marriage in the nation’s vast power sector.

In a statement, the State-Owned Assets Supervision and Administration Commission (SASAC) said it has given the green light to the deal, which twins the country’s only nuclear power engineering and construction firm with a big nuclear power producer.

The news comes about 10 months after the companies’ listed entities flagged a deal involving their parent companies was in the works. (Reporting by Josephine Mason; Editing by Kenneth Maxwell)

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