State Council Gives Nod to COSCO, China Shipping Merger

(Beijing) - The State Council has given the go-ahead for China's two largest shipping conglomerates to merge, continuing a trend in the industry to trim down state-owned enterprises, an executive at one of the firms said.

The China Ocean Shipping Co. (COSCO Group) and China Shipping Group Co. have been working on a deal since August. The listed subsidiaries of the two firms are expected to make separate statements on their next step on December 11, the executive said.