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China Mobile, China Tietong Merger Gathers Steam
China Mobile (NYSE:CHL, 0941.HK) parent China Mobile Communications Corporation (CMCC) reached an agreement with the Ministry of Railways on November 12 to transfer management of China Tietong's (China Railcom) railway-related businesses, assets and employees to the ministry, c114.com reported November 13 citing a CMCC announcement. After the transfer, China Tietong will remain a CMCC subsidiary focused on fixed-line telecommunication services, according to the report.
Rumors in early November said that the merger between China Tietong and CMCC, part of the government-ordered telecom industry restructure, had come to a standstill.
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