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China Forges Ahead With $146bn Chemical Megamerger - Nikkei Asian Review

by asia.nikkei.com posted 3weeks ago 32 views
BEIJING/TOKYO -- China's top two chemical makers Sinochem Group and ChemChina confirmed Wednesday that they are discussing a merger that has put the global industry on edge over what would be by far the world's largest producer. Ning Gaoning, chairman of the two state-owned enterprises that boast sales of $146 billion combined, announced the consolidation talks at a news conference in Beijing hosted by the State Council, China's top governing body. "Both companies are going forward with the merger," Ning said. "It's highly necessary to collaborate on upstream and downstream technology and in markets at home and abroad."