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China train makers CSR, CNR confirm plan to merge
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SOURCES with China's top train makers, China CNR Corp. Limited and CSR Corp. Limited, confirmed on Tuesday that the two companies will soon merge to compete globally.
Details of the merger will be available this weekend with the release of "important news" by the state-owned enterprises, according to the sources familiar with the deal.
The expected merger will help export China's high-speed railway technologies by preventing cut-throat competition between the two, analysts said.
Stock trading for the two companies has been suspended in Shanghai and Hong Kong stock exchanges, pending further announcement.
The two companies are both listed in Shanghai and Hong Kong, with a combined market value of about 30 billion U.S. dollars based on the closed price before trading suspension.
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