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CMES Seeks Control of Local Peer Antong Holdings; Antong Shares Jump 8%

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China Merchants Energy Shipping (SHA:601872) plans to acquire control of Antong Holdings (SHA:600179), according to a Shanghai bourse filing late Wednesday.

The Chinese shipping company, through subsidiary Sinotrans Container Lines, currently holds a 14.9% stake in Antong as its largest shareholder.

Together with parties acting in concert under China Merchants Group, the group holds a total of 24.8% stake in Antong, which also engages in container shipping and transport logistics.

CMES did not disclose how it plans to boost its ownership in Antong, and whether the deal involves a cash transaction.

The company said the acquisition will expand its core shipping business and bolster its capacity.

Antong's shares jumped nearly 8% in recent trade.

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