China's ChemChina, Sinochem set to merge

China's ChemChina, Sinochem set to merge

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

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.

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief
Subscribe to Newsletter