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BEIJING, Aug. 28 (Xinhua) -- China's State Council has approveda merger between China's major power generator China GuodianCorporation and coal producer Shenhua Group, an official statementsaid Monday.
The two companies will be restructured to form a new energyinvestment company
Maillot Julian Draxler Paris Saint Germain , the State-owned Assets Supervision andAdministration Commission (SASAC) said on its website.
The move came with little surprise, as the listed arms of thefirms had suspended trading of their stocks on the Shanghai StockExchange since early June, a move widely considered to signal amerger.
Following the announcement Monday, the listed arm of ShenhuaGroup on the Hong Kong Stock Exchange surged more than 4 percentbefore falling back slightly.
As the world's largest coal supplier, Shenhua Group had totalassets of over a trillion yuan (150.7 billion U.S. dollars) by theend of April this year. It ranked 276th among the global Fortune500 in 2017.
In the first half of 2017
Maillot Jese Paris Saint Germain , China Shenhua Energy Company, thelisted arm of the group, reported revenue of 120.5 billion yuan, anincrease of 53.1 percent year on year.
With total assets of more than 800 billion yuan, China GuodianCorporation is one of the country's.
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