China’s ChemChina, Sinochem set to merge: Caixin

BEIJING (Reuters) – Chinese state-owned Sinochem and ChemChina will merge to create a new company, to be headed by Sinochem chief Ning Gaoning, financial publication Caixin reported on Saturday, confirming an earlier Reuters report.

FILE PHOTO: The company logo of China National Chemical Corp, or ChemChina, is seen at its headquarters in Beijing, China February 3, 2017. REUTERS/Thomas Peter/File Photo

Reuters has reported that the two companies were in merger talks to create the world’s biggest industrial chemicals firm.

Sinochem Chairman Ning will serve concurrently as Chairman of ChemChina, Caixin reported, citing company sources.

“However, there is no definite plan for how to form a new company,” the publication said.

Spokespeople at Sinochem (600500.SS) and China National Chemicals Corp, as ChemChina is officially known, were not immediately available for comment.

Reporting by Kevin Yao; Editing by Ros Russell

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