China's CNR, CSR kick off merger process with trading halt

Chinese train makers China CNR Corp Ltd and CSR Corp Ltd halted trading of their shares on Thursday, the first step in a merger process expected to create the world's biggest rail conglomerate in terms of sales. The state-backed firms, which are already the world's biggest in terms of sales and which currently have a combined market capitalisation of $113 billion, said in stock market filings the halt would last until the merger was completed, but did not specify a date. Late last year, they ann