1149 ET - Two units of China's largest state shipbuilder, China State Shipbuilding Corporation, are merging through a share swap deal that will create a new shipbuilding behemoth. China CSSC Holdings plans to absorb and merge with smaller peer China Shipbuilding Industry Corporation (CSIC) by issuing shares to CSIC stockholders in exchange for the shares they hold. The marriage will create the world's biggest shipyard in terms of capacity. The merger, classified by CSSC as a "major assets restructuring," is expected to be completed by the end of the year. (Costas.Paris@wsj.com)
(END) Dow Jones Newswires
September 03, 2024 11:49 ET (15:49 GMT)
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