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China plans merger of shipbuilders

Beijing - China’s government is working on a plan to combine its two biggest shipbuilders to create an industrial giant. The state council,China’s cabinet, has given its preliminary approval to merge China State Shipbuilding Corp. with China Shipbuilding Industry Corp.

Beijing - China’s government is working on a plan to combine its two biggest shipbuilders to create an industrial giant that would dwarf its South Korean rivals, according to people with knowledge of the matter.

The state council, China’s cabinet, has given its preliminary approval to merge China State Shipbuilding Corp. with China Shipbuilding Industry Corp., the people said, asking not to be identified as the information isn’t public.

The two companies have combined revenue of at least 508 billion yuan ($81 billion) making products ranging from aircraft carriers for China’s navy to vessels to carry containers, oil and gas for commercial companies.

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