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.
