CNR, CSR merger passes overseas antitrust scrutiny
Updated: 2015-03-11 14:13
CNR Corp Ltd's stand at the 18th China International Fair for Investment and Trade in Xiamen, Fujian province, on Sept 8, 2014. [Provided to China Daily]
BEIJING -- China's high speed rail manufacturers China North Railway (CNR) and China South Railway (CSR) announced that their merger had passed overseas antitrust scrutiny.
According to local laws, antitrust regulators -- in this case in Australia, Germany, Pakistan and Singapore -- must approve the merger with no additional conditions or obligations attached, according to a statement released by the Shanghai Stock Exchange on Tuesday.
The approvals mean that the two firms' overseas projects will not be affected by the merger, according to the statement.
Controlling China's entire high speed rail market, CSR and CNR officially announced on Dec 30, 2014 that they would merge into a new company, which will inherit both companies' assets, liabilities, businesses, staff, contracts, certificates as well as all other rights and obligations.
China's State-owned Assets Supervision and Administration Commission of the State Council agreed to the merger on March 5, 2015.
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