Chinese state-owned chemical companies Sinochem Group and ChemChina are in discussions about a possible merger to create a chemicals, fertiliser and oil giant with almost $100 billion in annual revenue, three sources familiar with the matter said to Reuters.
The deal 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, said the sources. A Sinochem spokesman said he was not aware of the discussions. China’s State-owned Assets Supervision and Administration Commission (SASAC), which oversees state-owned enterprises, did not comment when asked about the talks.
While still at an early stage, the talks come as China National Chemicals Corp, as ChemChina is officially known, finalises a $43 billion takeover of Swiss pesticides and seed group Syngenta. That deal would be China’s largest-ever foreign investment. The European Union is expected to rule on the deal by Oct. 28.
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