China’s two largest train manufacturers are merging to create a global giant, as part of a strategy by Beijing to compete more effectively against Canadian, European and Japanese rivals.
State-owned CSR Corp and China CNR are already the world’s largest manufacturers of rolling stock, with annual revenues of $16bn each and a combined market capitalisation of $26bn, according to Bloomberg data. They were hived off from the same state parent a decade ago in an effort to promote competition in China.
In a joint announcement last night, the two said CSR would issue 1.1 shares for every one CNR share — a conversion price of HK$8.05 and Rmb6.19 respectively for CNR’s Hong Kong and Shanghai-traded shares.
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