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China: Sinochem says has no knowledge of $100 Bn merger with ChemChina

By  |  October 17, 2016

Sinochem International, a unit of state-owned Sinochem Group, said on Monday it has received no information regarding a proposed merger of its parent company with rival ChemChina.

The two state-owned chemical companies are in discussions about a possible merger to create a chemicals, fertilizer and oil giant with almost $100 billion in annual revenue, three sources familiar with the matter told Reuters last week.

“Until now, this company’s controlling company Sinochem Group and controlling shareholder Sinochem Group nor this firm have received any written or oral information from any relevant government department about this rumor,” said Sinochem International in a statement to the Shanghai stock exchange.

“This company currently has no information that should have been disclosed that has not been disclosed,” it added.

The merger has been proposed by China’s central government as part of its efforts to slash the number of state-owned companies and create larger, more competitive global industry players, sources said.

Full Content: Reuters

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