Cosco, China Shipping merger gets green light

State Council approval to create world's fourth-largest container operator

The State Council has cleared the merger deal of China Ocean Shipping (Group) Group and China Shipping Group, Caixin magazine said on Thursday quoting sources close to the matter.

The merged entity, China Cosco Shipping Group, will be headquartered in Shanghai, the magazine said, adding that the preliminary integration scheme will be announced on Friday.