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China gives go-head for two largest shipbuilders to merge
China's cabinet has given preliminary approval to merge the country's two largest shipbuilders, China State Shipbuilding Corp with China Shipbuilding Industry Corp, Bloomberg reported on Friday, citing people familiar with the matter.
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It said the move, which will create a firm that will dwarf its South Korean rivals such as Hyundai Heavy Industries Co, could still be subject to change as many details needed to be ironed out by ministries and regulators.
The two companies have multiple shipyards across China whose products range from aircraft carriers to commercial ships which carry oil and gas.
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