Chinese chemicals behemoth in the making
China china-sinochem
According to people familiar with the matter cited by Bloomberg, the government has approached Sinochem Group and ChemChina for the merger. The same sources said a first round of top-level management meetings took place earlier this week. Sinochem group has reportedly been given the mandate to lead the endeavour.
ChemChina denied reports that a deal was in the making on Friday. A Sinochem spokesperson said he had no knowledge of a possible merger, while China’s State-owned Assets Supervision and Administration Commission refused to comment.
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