Beijing said to plan merger of plane engine developers into $22bn group

Regulators are planning to merge more than 40 entities focused on developing plane engines into a new group with assets of RMB145 billion (US$22 billion), Bloomberg reported, citing unnamed sources. The government and companies including the state-owned Aviation Industry Corp. of China will supply RMB35 billion of the total, with the rest coming from the combined existing assets of the entities combined. The new company will reportedly contain almost all assets related to aerospace engines in China, though the State-owned Assets Supervision and Administration Commission, the Ministry of Industry and Information Technology, and AVIC did not immediately respond to requests for comment.