CSR, CNR shareholders approve railway merger
Shareholders of CSR Corp and CNR Corp approved a proposed merger of the two rail-car makers, with annual revenue of more than $30 billion.
All assets, liabilities, certifications, staff, contracts and other rights and obligations of the two companies will go to the new merged entity, named China Railway Rolling Stock Corporation, and it will control the vast majority of the domestic market for rolling stock and urban transit rail cars. CSR will issue new shares to CNR shareholders in exchange for their shares in CNR.
The merger still requires approval by the China Securities Regulatory Commission, Hong Kong Exchanges and Clearing Ltd (which runs the city’s stock exchange), Ministry of Commerce, and other agencies. (Photo 4)
A Tibetan delegate arrives outside the Great Hall of the People before the second plenary meeting of the Chinese People's Political Consultative Conference (CPPCC) in Beijing.