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China's ChemChina, Sinochem set to merge: mulling asset sales
Chinese state-owned Sinochem Group and ChemChina will merge to create a new company, and Sinochem Chairman Ning Gaoning will become the chairman of ChemChina. Reuters has reported that the two companies were in merger talks to create the world’s biggest industrial chemicals firm worth around $120 billion, to be led by the head of Sinochem.
ChemChina’s chairman is studying potential asset sales as the state-owned company moves ahead with preparations for a long-mooted megamerger with Sinochem Group. Frank Ning, who leads both companies, has started reviewing the businesses of ChemChina and Sinochem to identify areas of overlap and potential synergies, according to the people. Ning is considering pursuing divestitures or initial public offerings of some units, people said, asking not to be identified because the information is private.
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