Weichai Power to merge with 2 Shandong based companies
China's Weichai Holdings Group, Shandong Construction Machinery Group Co and Shandong Auto Industrial Group will merge to form an auto parts company targeting more than 100 billion yuan ($14.6 billion) in sales by 2012, their listed units said on Monday.
The government of eastern China's Shandong province has approved the merger plan in principle, Weichai Power, Shandong Juli Co and Shantui Construction Machinery Co said in separate exchange filings. The to-be-established company will be called Shandong Heavy Machinery Group.
Weichai Holdings Group also owns 30.6 percent of another Shenzhen-listed company, Weichai Heavy Machinery, while Shandong Construction holds a 21.1 percent stake in Shantui Construction Machinery.
Weichai Power said it would release further details of the asset restructuring later, without elaborating.
The three listed companies posted combined sales of more than 40 billion yuan in 2008.
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