China has approved the merger of electricity producer China Guodian and coal company Shenhua Group, two of the country’s largest state energy companies, in a move that will form the world’s largest utility provider by capacity.
The State-owned Assets Supervision and Administration Commission, the watchdog for state-owned enterprises, issued a one-line statement on Monday approving the merger.
The combined companies will command combined assets of $236bn, according to Bloomberg data. The merger comes as China seeks to address growing overcapacity in the sector.
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