China Merchants Group to acquire Sinotrans from SASAC

The State-Owned Assets Supervision Administration Commission (SASAC) has approved the acquisition of Sinotrans & CSC Holdings by China Merchants Group, ending SASAC control of the former and marking the second shipping related restructuring to be given the green light this month, Bloomberg reported, citing a statement to the Hong Kong Stock Exchange. The two holding companies had combined sales of over RMB160 billion (US$25 billion) in 2013, according to publicly available data. Logistics provider Sinotrans Ltd. said it would become a listed subsidiary of China Merchants Group, with Sinotrans & CSC Holdings remaining its controlling shareholder.