Chairman of Chinese state-owned Sinochem Group Ning Gaoning has ruled out a merger with ChemChina. Speaking on the sidelines of the National People Congress in Beijing, he said that China will not be able to compete against global giants like Monsanto and Dow Chemical if it continues its current strategy. A merger between Sinochem and ChemChina would make it a Chinese chemicals powerhouse and would be worth close to $120bn. Regulators may yet prove an obstacle. Rumours of the merger have been circulating since 2016, and became more likely after ChemChina's acquisition of Syngenta.
Chairman of Chinese state-owned Sinochem Group Ning Gaoning has ruled out a merger with ChemChina. Speaking on the sidelines of the National People Congress in Beijing, he said that China will not be able to compete against global giants like Monsanto and Dow Chemical if it continues its current strategy. A merger between Sinochem and ChemChina would make it a Chinese chemicals powerhouse and would be worth close to $120bn. Rumours of the merger have been circulating since 2016, and became more likely after ChemChina's acquisition of Syngenta.