Sector News

ChemChina denies merger talks with Sinochem

October 14, 2016
Chemical Value Chain

ChemChina (Beijing), China’s fastest-growing chemical firm, today denied press reports that it is discussing a merger with Sinochem (Beijing). Such a deal would create a chemical giant with annual revenue of $100 billion. “There is no such thing,” ChemChina tells CW.

A Reuters report, citing people familiar with the matter, says the deal has been proposed by the Chinese government to reduce the country’s number of state-owned companies and create larger, more competitive global industry players. Sinochem is taking the lead in the potential merger, the report says.

ChemChina is finalizing its $43-billion acquisition of Syngenta, the world’s biggest producer of agricultural chemicals, in the largest foreign acquisition by a Chinese company.

Sinochem and ChemChina are each listed on the Fortune Global 500 corporations by revenue. The list puts Sinochem in the 139th place with 2015 revenue of $60.7 billion. ChemChina is number 234 with revenue of $41.4 billion. Sinochem’s businesses include energy, agchems, chemicals, real estate, and financial services.

By Natasha Alperowicz

Source: Chemical Week

comments closed

Related News

May 21, 2022

Sika opens new manufacturing plant in Bolivia 

Chemical Value Chain

Sika AG (Baar, Switzerland) has opened a new plant in Santa Cruz de la Sierra, thus doubling its production capacity for mortar and concrete admixtures in Bolivia. With this new facility in one of the country’s main industrial agglomerations, Sika is positioning itself for continued growth in the dynamic Bolivian construction market.

May 21, 2022

Chevron increases renewable fuel market share with REG acquisition

Chemical Value Chain

Chevron Corporation (NYSE: CVX) and Renewable Energy Group, Inc. (NASDAQ: REGI) (REG) announced on Monday a definitive agreement under which Chevron will acquire the outstanding shares of REG in an all-cash transaction valued at $3.15 billion, or $61.50 per share.

May 21, 2022

Lotte Chemical to invest $8 bn on hydrogen energy, battery materials by 2030

Chemical Value Chain

Lotte Chemical Corp. will invest 10 trillion won ($8 billion) on hydrogen and battery materials through 2030 to achieve annual revenue of 50 trillion won and carbon neutrality. The Korean chemical producer on Thursday unveiled its new corporate vision outlining key corporate strategies with focus on growth through hydrogen energy and battery materials businesses.