Deals
China Planning Merger of Sinochem, ChemChina
- Deal would combine giants with over $100 billion in assets
- Plan is latest in China’s shake-up of its state enterprises
Chemical China: What a Mega-Merger May Mean for Business
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China is planning to merge Sinochem Group and China National Chemical Corp. to create an oil-to-chemicals giant as part of the government overhaul of its state-owned enterprises, according to a person familiar with the matter.
Details of the deal, which would combine more than $100 billion of assets, weren’t immediately clear and the plan’s still subject to change, the person said, asking not to be identified because it hasn’t been publicly announced. In response to the Bloomberg story, representatives from China National Chemical and Sinochem said “there is no such thing.”