ChemChina has become the leader of the global chemical market, completing the merger with Sinochem
Источник: The DairyNews
As it became known to The DairyNews, ChemChina, which absorbed the Swiss agricultural company Syngenta, completed the merger with the Chinese state Corporation Sinochem Group. The deal made the Chinese company the leader of the world chemical market, analysts say.
The global brands such as Singenta and Pirelli have recently joined group.
In early July, it was reported that in the coming days, a Chinese state-owned Sinochem Group [SASADA.UL] and ChemChina will join together to create a new company, and the Chairman of Sinochem Nin Gaoning will become President of ChemChina. The information was distributed by the financial publication Caixin. A source from The DairyNews confirmed the data on the completion of the deal.
The acquisition of Syngenta by ChemChina, which completed in 2017, accelerated negotiations on the merger of two Chinese conglomerates, which was unprofitable until the end of the deal with the Swiss company. According to Reuters, ChemChina could use a more reliable balance of Sinochem to help finance the deal, but a final merger of the companies during acquisition of Syngenta would trigger a more detailed and rigorous antimonopoly discussion of the process by European authorities.
Reuters also wrote that two Chinese companies have accelerated the negotiations in May last year.
Beijing considers the deal of Sinochem and ChemChina as a plan to rationalize and consolidate their disparate state-owned enterprises, as a result of which large market leaders will be created, emphasize market analysts.
Read full article in Russian on © DairyNews.ru http://www.dairynews.ru/news/chemchina-stala-liderom-mirovogo-khimicheskogo-ryn.html
In early July, it was reported that in the coming days, a Chinese state-owned Sinochem Group [SASADA.UL] and ChemChina will join together to create a new company, and the Chairman of Sinochem Nin Gaoning will become President of ChemChina. The information was distributed by the financial publication Caixin. A source from The DairyNews confirmed the data on the completion of the deal.
The acquisition of Syngenta by ChemChina, which completed in 2017, accelerated negotiations on the merger of two Chinese conglomerates, which was unprofitable until the end of the deal with the Swiss company. According to Reuters, ChemChina could use a more reliable balance of Sinochem to help finance the deal, but a final merger of the companies during acquisition of Syngenta would trigger a more detailed and rigorous antimonopoly discussion of the process by European authorities.
Reuters also wrote that two Chinese companies have accelerated the negotiations in May last year.
Beijing considers the deal of Sinochem and ChemChina as a plan to rationalize and consolidate their disparate state-owned enterprises, as a result of which large market leaders will be created, emphasize market analysts.
Read full article in Russian on © DairyNews.ru http://www.dairynews.ru/news/chemchina-stala-liderom-mirovogo-khimicheskogo-ryn.html
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