A new company able to compete with Germany’s Siemens and Canada’s Bombardier. Two of the biggest Chinese train manufacturers, Crown corporations China CNR Corp. and CSR Corp., will merge, announced on 30 December the official news agency Xinhua , citing an announcement by the new entity on the Shanghai Stock Exchange. The 21st Century Business Herald reported that the new entity would be called “China Railway Rolling Stock Group”.
At the Hong Kong Stock Exchange, the action of China CNR Corp. climbed Wednesday, December 31, 45%, to 11.12 Hong Kong dollars (1.18 euro), while the title of CSR Corp. took more than 32% to 10.44 Hong Kong dollars (1.11 euro).
Each of the two sets of Chinese manufacturers is valued at approximately $ 13 billion (10.7 billion euros ), the capitalization of CSR being slightly higher. The details of the merger were not, however, available immediately, although this approach has been the subject of speculation for months.
According to Xinhua , this merger will emerge a society of billions of dollars in revenue when China is seeking markets for its high-speed trains. According to official media, the merger would also help to prevent “cut-throat” competition when the two manufacturers should export their trains.
CSR was part of a consortium that won a contract 3.75 dollars miliards to build a high-speed train in Mexico in November. But that contract had to be canceled because of questions concerning the legality of the auction process. CNR has meanwhile won a contract for the construction of a subway in Boston in the US
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Article published on 30/12 at 18:48, updated on 31/12 at 9:50.
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