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December 31, 2014

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CNR, CSR to join into US$26b company

CHINA’S top-two trainma­kers yesterday said they will merge, creating a US$26 billion company able to compete with the likes of Germany’s Siemens and Canada’s Bombardier for global rail deals.

State media reported in October that state-owned firms China CNR and CSR Corp were in merger talks.

A joining of the firms — which have so far competed against each other to sell trains abroad — will help solidify China’s campaign to sell its high-speed technology abroad.

Under the deal, CSR will issue shares to CNR’s shareholders, with a swap ratio of one CNR share for 1.1 CSR share.

“A merged new firm will further improve product mix ... enhance technological strength and optimize global resource allocation,” the companies said in a statement.

The new company would have a combined annual revenue of about 200 billion yuan (US$32.3 billion) based on 2013 company data, compared with Siemens’ 75.9 billion euros (US$96.5 billion) revenue last year and Bombardier’s US$18.2 billion.

CNR and CSR were demerged from the government in 2000 to promote competition, and have profited from China’s drive to connect the vast country by railway.


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