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CHINESE GOVERNMENT TO MERGE CHEMCHINA WITH FERTILIZER MANUFACTURER SINOCHEM
Oct. 21, 2016
Penton Agriculture reports:
The Chinese government continues to overhaul its state-owned enterprises, and to that end, is merging China National Chemical Corp. with Sinochem Chem, which operates a fertilizer business. Combined, the two companies have assets of more than $100 billion.
The merger is not expected to affect the $43 billion takeover of Syngenta by China National Chemical Corp. (ChemChina), which is expected to be completed by year-end. ChemChina taking over Syngenta is the biggest foreign acquisition for a Chinese firm to date.
The takeover of Syngenta by ChemChina has received approval from the U.S. Committee on Foreign Investment in the United States, and is awaiting approval from the European Commission. The European Commission refused to grant the merger a fast-track approval, but set an initial deadline of Oct. 28 for ruling on the merger.
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