ChemChina, Sinochem set to merge
Monday, 2 July 2018
BEIJING, July 1 (Reuters): Chinese state-owned Sinochem Group and ChemChina will merge to create a new company, financial publication Caixin reported late on Saturday.
And Sinochem Chairman Ning Gaoning will become the chairman of ChemChina, it said.
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.
Ning Gaoning will serve as Chairman and Party Secretary of ChemChina, while ChemChina's long-serving Chairman Ren Jianxin retires, Caixin reported, citing sources close to the companies.