China State Shipbuilding Corporation (CSSC) and China Shipbuilding Industry Corporation (CSIC) both issued notices, denying recent reports which present the two companies to be planning on merging.
Both companies clarified that they have not received any notice from the Chinese government about the merger, and they have not started any negotiations on the merger as well.
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Recently, Bloomberg reported that China preliminary approved the merge of China State Shipbuilding Corp. and China Shipbuilding Industry Corp., in order to create an industrial behemoth.
This move would be indicative of China’s attempt to surpass its South Korean rivals, as if it was completed, the revenue of the new entity would be twice than South Korea’s Hyundai Heavy Industries, Daewoo Shipbuilding & Marine and Samsung Heavy Industries, Bloomberg reported.
