Two Chinese Shipbuilders to Merge Through Stock Swap Deal

MT Newswires Live2024-09-19

Chinese shipbuilder China Shipbuilding Industry (SHA:601989) has agreed to merge with China CSSC Holdings (SHA:600150) via stock swap, according to a Wednesday disclosure on the Shanghai Stock Exchange.

Under the deal, every 1 share of China CSSC will be exchanged for 0.1335 shares of China Shipbuilding.

China Shipbuilding's shares will be swapped for 37.84 yuan per share, while those of China CSSC will be exchanged for 5.05 yuan apiece.

The share prices were based on the average stock trading price in the last 120 trading days before the pricing base date.

China Shipbuilding's shares dropped more than 4% in recent trade, while China CSSC's shares rose more than 1%.

Price (RMB): Â¥4.78, Change: Â¥-0.20, Percent Change: -4.02%

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