Deals
With a Rail Merger, China Is Forging an Industrial Giant Second Only to GE
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China is forging the country’s answer to General Electric, combining two state-owned railroad equipment makers to create the world’s second-largest industrial company. And the giant isn’t planning to stay at home.
The merger of CSR Corp. and China CNR Corp. is now complete, producing a nearly $130-billion behemoth called CRRC Corp. with economies of scale that will allow China to compete even more aggressively for overseas rail deals. Shares of CRRC began trading Monday under CSR’s old tickers, gaining 4.5 percent to HK$15.68 in Hong Kong and rising by the daily limit of 10 percent to 32.40 yuan in Shanghai.