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Top Chinese shipbuilders CSSC and CSIC win approval for merger

State-owned groups to form bigger challenger to South Korea's Hyundai Heavy

China's CSSC, the second-largest shipbuilder in the world, will merge with third-ranked compatriot CSIC.   © Reuters

DALIAN, China -- The two largest shipbuilders in China will merge, forming a commercial and military contractor expected to hold a global market share of nearly one-fifth, after the government on Friday approved their planned union.

The combination of China State Shipbuilding Corp. and China Shipbuilding Industry will create a player on par with the global leader, South Korea's Hyundai Heavy Industries, which itself is merging with domestic peer Daewoo Shipbuilding & Marine Engineering.

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