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China approves merger of two state-owned chemical giants

Abstract : China has approved the restructuring of Sinochem Group and ChemChina Group, according to the country's top state assets regulator.

BEIJING, April 1 (Xinhua) — China has approved the restructuring of
Sinochem Group and ChemChina Group, according to the country’s top state
assets regulator.

Sinochem Group and ChemChina Group have received approval to
implement joint restructuring, the State-owned Assets Supervision and
Administration Commission of the State Council (SASAC) said late
Wednesday in a statement on its website.

The two companies will undertake a joint restructuring, becoming
subsidiaries of a new holding company wholly owned by the SASAC, read a
statement from Sinochem Group.

This joint reorganization will better integrate resources, build a
world-class comprehensive chemical enterprise and promote the
high-quality development of China’s chemical industry, said Sinochem
Group.

After the reorganization, the new company will cover fields including
life sciences, material sciences, the basic chemical industry, rubber
tires and urban operations, according to Sinochem Group.

Headquartered in Beijing, Sinochem Group was founded in 1950. It is a
leading integrated operator in the oil and chemical industry, providing
agricultural inputs (seeds, agrochemicals and fertilizers) and modern
agricultural services, and exerting a strong influence on city operation
and the non-banking financial services sector.

ChemChina Group is the largest chemical enterprise in China. Based in
Beijing, it has production and research and development bases in 150
countries and regions worldwide, and boasts a full-fledged marketing
network. Enditem

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Source: China approves merger of two state-owned chemical giants

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