BEIJING, March 9 -- A plan to merge two of China's top bullet train makers has been passed by general meetings of both sets of shareholders, the companies said on Monday.
China CNR Corp. Ltd and China CSR Corp. Ltd announced that their shareholders have approved the plan, including a new company name, stock swap agreement and personnel settlement.
The merger is still subject to review by authorities including the China Securities Regulatory Commission and the Ministry of Commerce. The State-owned Assets Supervision and Administration Commission was the first regulator to green light the merger, according to statements from the companies on March 5.
Shares of the two will become eligible for trade on Tuesday and are expected to surge.
The companies announced the plan in late December, aiming to build a new provider of high-end railway equipment. The deal will help China's high-speed rail go global and avoid cutthroat competition between the two.
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