First move by rail giants puts merger on track

The nation's two biggest train makers, China CNR Corp and CSR Corp, have submitted the first draft of their merger plan to the State Council that will see CSR issuing shares to amalgamate with CNR.

CSR will buy all CNR shares through a secondary public offering, and the latter will delist from the capital market, 21st Century Business Herald reported on Wednesday, citing anonymous sources at the State-owned Assets Supervision and Administration Commission.

The new company will be named China Railway Vehicle Corp, the report said.