China Minmetals Corporation, one of the country's leading mining groups, will take over China Metallurgical Group Corporation, a major metallurgical company, the national state-owned asset watchdog announced Tuesday.
The latter will become a wholly-owned subsidiary of China Minmetals, the State-owned Assets Supervision and Administration Commission of the State Council (SASAC) said in a statement.
After the takeover, China Metallurgical Group Corporation will no longer be directly administered by the SASAC, according to the statement.
The move is part of ongoing restructuring of state-owned enterprises. The top two high-speed rail makers and two leading nuclear power companies have already merged in the past year.
China Minmetals has overseas operations in 34 countries and regions and 177,000 employees globally. China Metallurgical Group Corporation is the country's largest metallurgical engineering contractor and service provider.
