Joint chairman appointed for Chinese groups Sinochem and ChemChina

A report published today has announced that Ning Gaoning, top Chinese chemical company Sinochem Group’s current chairman, will also become chairman of big Chinese competitor ChemChina. This is a clear indication that the Chinese government is willing to merge the two groups to create a state-owned multinational corporation with a $136bn sales volume and 170000 employees. The corporate merger could solve ChemChina’s problems; indeed, said firm has indebted itself in order to pay for Syngenta’s acquisition ($43bn).

 

(Source: WSJ)