China okays long-planned merger of Sinochem and ChemChina

A man walks past the office building of Sinochem in Beijing, China February 21, 2017. REUTERS/Damir Sagolj - RC1A4AD9BAB0 Photo by Reuters

China’s State Council, the country’s cabinet, has approved a long proposed merger of Sinochem Group and China National Chemical Corp, or ChemChina, the Chinese state assets regulator said on Wednesday.

The complex merger, which has been under discussion since at least 2017, would create the world’s biggest industrial chemicals firm.

In a brief statement on its website, the State-owned Assets Supervision and Administration Commission (Sasac), under the State Council, said Sinochem and ChemChina would implement a “joint reorganisation.”

Since 2018, both state-owned companies have been chaired by Ning Gaoning, who the following year insisted the merger was still on after reports China planned to abandon it due to challenges in bringing the management teams together.

In early 2020, Sinochem and ChemChina opted to consolidate their agricultural assets into a new holding company, ChemChina unit Syngenta said.

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.