China’s ChemChina, Sinochem set to merge

BEIJING — Chinese state-owned Sinochem Group and ChemChina will merge to create a new company, and Sinochem Chairman Ning Gaoning will become the chairman of ChemChina, financial publication Caixin reported late on Saturday.

Reuters has reported that the two companies were in merger talks to create the world’s biggest industrial chemicals firm worth around $120 billion, to be led by the head of Sinochem.

Sinochem Chairman Ning will serve as Chairman and Party Secretary of ChemChina, while ChemChina’s long-serving Chairman Ren Jianxin retires, Caixin reported, citing sources close to the companies. A Sinochem spokesman declined to comment on the personnel changes, or the possible merger of the companies. —