Cosco Corp fate clouded by parent's merger

Singapore

THE fate of Singapore-listed Cosco Corporation (S) looks uncertain as the proposed merger between the shipping businesses of its Chinese parent, China Ocean Shipping (Group) Company (Cosco Group), and China Shipping Group Co (CSG) was reportedly granted the regulatory green light to proceed.

Reuters reported that China's State Council said on its website on Friday that a merger of the two conglomerates has been approved. According to Caixin magazine, the State Council has specifically granted approval for the combined entity, to be named China Cosco Shipping Group (CCSG), to be headquartered in Shanghai.