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
INEOS Styrolution, the global leader in styrenics, has today announced the official opening of a new world-scale ABS facility located in Ningbo, China, together with its joint venture partner SINOPEC. The facility has an annual nameplate capacity of 600,000 tonnes.
The merger of Röhm’s Acrylic Products business unit and SABIC’s Functional Forms business has resulted in the formation of Polyvantis. This new company will offer extruded products in the forms film, sheet, pipe and rod for markets that include building and construction, transportation and aviation, electrical and electronics, automotive and home and garden.
Abu Dhabi National Oil Co. (Adnoc) is considering plans to acquire upstream oil and gas company Wintershall DEA, an affiliate of BASF SE, according to a Bloomberg report citing people with knowledge of the matter. A deal to acquire Wintershall DEA could be worth more than €10 billion, the report said. BASF and Adnoc declined to comment on the report.