ChemChina, Sinochem deny merger report
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E-mail CRI, October 16, 2016
China's two chemical giants, ChemChina and Sinochem, are denying an earlier Bloomberg report about their merger deal.
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| The file photo shows the headquarter of China's National Chemical Corporation in Beijing. [Photo / cnwnews.com] |
A spokesperson under the ChemChina said "nothing of the sort" when contacted by thepaper.cn.for comment.
Sinochem also denied the deal in an e-mail to thepaper.cn.
At the same time, Beijing-based caixin.com is reporting that the possibility of a merger between ChemChina and Sinochem is being discussed.
The site quotes an insider source saying that a third-party investor might also be included in the deal, which could involve 15 billion U.S. dollars.
Anticipation of the deal is heightened as China undergoes reforms in the SOE sector.
A number of companies have been included in the reforms covering railway, shipping and tourism industries.
ChemChina, one of the leading chemical companies in China, took over Swiss Syngenta earlier this year with 43 billion U.S. dollars.
Once the acquisition is completed, ChemChina will have a 23 percent share in the global pesticide market and 6 percent in seeds.
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