Sinotrans & CSC, parent company of the largest freight forwarder in China, has become a wholly-owned subsidiary of transportation, finance and real estate conglomerate China Merchants Group.
State-owned conglomerate China Merchants Group has completed its merger with Sinotrans & CSC, parent company of the largest freight forwarder in China, Sinotrans said in a statement.
Under the strategic reorganization plan, Sinotrans has become a wholly-owned subsidiary of transportation, finance and real estate conglomerate China Merchants Group.
In addition to its banking, insurance, and residential and industrial real estate interests, China Merchants is a major port terminal operator with facilities at 27 ports in 14 countries.
The Chinese government’s Assets Supervision and Administration Commission of the State Council approved the reorganization back in December 2015 in an effort to “achieve economies of scale and synergies.”
The “reorganization aims to achieve economies of scale and synergies in particular in the areas of logistics, energy and bulk shipping, property development, ports and marine and off-shore engineering between the two groups to speed up the development of an internationally competitive leading enterprise,” Sinotrans said at the time.
China Merchants completes Sinotrans takeover
