CSR, CNR share­hold­ers ap­prove rail­way merger

China Daily (Canada) - - FRONT PAGE -

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)

REUTERS / IRIS ZHAO

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.

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