The State Council has cleared the merger1 deal of China Ocean Shipping2 Group and China Shipping Group, Caixin magazine said on Thursday quoting sources close to the matter.
《财新》杂志周四援引相关消息来源报道,国务院同意了中国远洋运输集团与中国海运集团的合并协议。
The
merged3 entity4, China Cosco Shipping Group, will be headquartered in Shanghai, the magazine said, adding that the preliminary
integration5 scheme will be announced on Friday.
Once completed, it would create the world's fourth-largest container operator, after Denmark's AP Moller Maersk Group, Switzerland's
Mediterranean6 Shipping Co and France's CMA CGM SA.
Listed companies under the two State-owned giants saw their shares soar on Thursday, after the Caixin report.
China International
Marine13 Containers Group shares rose by 10.02 percent on Thursday, while shares of China Shipping Haisheng Co Ltd went up by 6.76 percent.