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China's top two trainmakers announce merger
中国两条铁路巨头宣布合并
The two largest rail transit makers China North Locomotive and Rolling Stock Corporation and China South Locomotive and Rolling Stock Corporation announced a merger Tuesday night. The two companies would unite through stock swap with a new name.
The ratio of equity swap is one to one point one, meaning one CNR share in the A share market would equate one point one share of CSR in the mainland market. One CNR share in the Hong Kong market would be equal to CSR's one point one share in the Hong Kong market.
The new company will take over all assets and liabilities from the two countries, as well as employees, contracts, and operation. The two companies have suspended trading since late October and will remain individual before the merger completes.
