China set to create world’s top utility with latest government merger

29 Aug 2017   China

A worker fixes the company logo of China Guodian Corp at a building in Beijing, China January 24, 2013. Picture taken January 24, 2013.Stringer BEIJING (Reuters) – China Guodian Group Corp [CNGUO.UL], among the country’s top five state power producers, will merge with coal giant Shenhua Group Corp Ltd [SHGRP.UL], in a deal that will create the world’s largest power utility. The companies have been in talks about a merger for several months as Beijing aims to shake up its indebted and inefficient state sector, streamline the number of companies and create globally competitive firms in sectors including power generation, shipping and metals. The Guodian-Shenhua deal was announced on Monday by China’s State-owned Assets Supervision and Administration Commission (SASAC) in a one-line statement that gave no other details. Sources say the new company will be called National Energy Investment Group. The combined entity would have an installed capacity topping […]

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