CRRC refutes Bombardier news
Print Edition
CHINESE trainmaker CRRC Corp said yesterday that it had no intention to buy the rail business of Bombardier Inc, responding to recent local media reports that said it planned to do so.
In a statement to the Shanghai Stock Exchange, the trainmaker cited media reports published last week saying a recent share purchase by subsidiary CSR (Hong Kong) Co in Hong Kong-based China Properties Investment Holdings Ltd was done to pave the way for a deal with Canada’s Bombardier.
One newspaper, the Securities Daily, in its report on the matter on Thursday also cited unidentified sources as saying that controlling offshore-registered China Properties Investment would make it easier for CRRC to buy overseas assets.
“At present, neither CRRC nor its subsidiaries have any plans to acquire rail assets from Bombardier,” the firm said in yesterday’s statement.
CRRC said on June 19 that the unit would buy 6.5 billion new shares in China Properties Investment to become a majority shareholder.
CRRC, the world’s biggest rail conglomerate by sales, was formed earlier this month through the merger of China’s top two trainmakers, China CNR and CSR Corp.
Reuters reported in April that China CNR and CSR Corp had been talking with Bombardier about possibly buying a controlling stake in the Canadian firm’s railway unit, though talks were unable to move forward until the merger’s completion.
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