Chinese transport conglomerate China Merchants Group is in talks to acquire logistics group Sinotrans & CSC in the latest deal in the country's state sector, financial magazine Caixin reported late on Monday.
The two companies have been locked in reorganisation talks, Caixin said, citing sources close to China Merchants.
Officials from both companies declined to comment on the talks when contacted by Reuters on Tuesday.
The two Hong Kong-listed units of Sinotrans & CSC - Sinotrans and Sinotrans Shipping - informed the Hong Kong stock exchange on Sunday that their parent group was considering a strategic reorganisation that involved another unnamed state-owned enterprise.
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The two companies have been locked in reorganisation talks, Caixin said, citing sources close to China Merchants.
Officials from both companies declined to comment on the talks when contacted by Reuters on Tuesday.
The two Hong Kong-listed units of Sinotrans & CSC - Sinotrans and Sinotrans Shipping - informed the Hong Kong stock exchange on Sunday that their parent group was considering a strategic reorganisation that involved another unnamed state-owned enterprise.
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