China State Shipbuilding Corporation (CSSC) and China Shipbuilding Industry Corporation (CSIC), the two largest shipbuilding companies in China, are set to merge in line with the aim of the country’s shipbuilding sector to become more competitive in global markets.
Plans for the merger were confirmed through separate exchange filings by both CSSC and CSIC following months of speculation that the two companies would operate as a single entity for the first time in 20 years. CSIC had been formed by the Chinese government as a separate conglomerate on July 1, 1999, by divesting some of the companies under CSSC.
The merger remains subject to approvals from related authorities. Further, representatives of both CSSC and CSIC have acknowledged that certain details of the merger still need to be discussed and finalised between the two companies.
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