A potential merger with Chinese state-owned Sinochem may help debt-ridden chemicals company ChemChina as it looks to complete its $100bn purchase of Swiss-based seeds firm Syngenta. ChemChina had aggressively bought up assets home and away, including a $7.7bn purchase of Italian tyre maker Pirelli, along with Syngenta, but these bold buys have left it highly leveraged. The merger would create a chemicals, fertiliser and oil conglomerate with around $43.5bn in annual revenue. Both firms have so far denied the merger plans.
A potential merger with Chinese state-owned Sinochem may help debt-ridden chemicals company ChemChina as it looks to complete its $43.5bn purchase of Swiss-based seeds firm Syngenta. ChemChina had aggressively bought up assets home and away, including a $7.7bn purchase of Italian tyre maker Pirelli, along with Syngenta, but these bold buys have left it highly leveraged. The merger would create a chemicals, fertiliser and oil conglomerate with around $100bn in annual revenue. Both firms have so far denied the merger plans.