ChemChina, Sinochem merge agricultural assets into holding firm Syngenta

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

ChemChina and Sinochem are consolidating their agricultural assets into a new holding company to be called Syngenta Group, ChemChina unit Syngenta said on Sunday.

Chen Lichtenstein, current president and CEO of Shenzhen-listed crop protection company ADAMA, which will also be incorporated into the new group, will be nominated CFO of the newly formed Syngenta Group.

He will be based in Basel, Switzerland, the Swiss group said in a statement.

Reuters reported last month that China National Chemical Corp, or ChemChina, had approached Chinese state-backed investors for up to $10 billion (£7.64 billion) in funding as part of a reorganisation of its agrichemicals business ahead of a public float.

The reorganisation includes Syngenta, the Swiss pesticide producer that ChemChina agreed in 2016 to buy for $43 billion.

The fundraising efforts and eventual stock market listing are designed to cut  ChemChina‘s debt ahead of a long-awaited mega-merger with state-owned peer Sinochem. Frank Ning, the chairman of both companies, has encouraged individual business units to tap capital markets ahead of any tie-up, which has been in the works since 2016.

ChemChina wants to list Syngenta on China’s technology-focused STAR market in mid-2020, according to fundraising documents dated from October.

Reuters

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In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

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  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.