Chinese state-owned Sinochem and ChemChina will merge to create a new company, and Sinochem Chairman Ning Gaoning will become the chairman of ChemChina.
Reuters has reported that the two companies were in merger talks to create the world’s biggest industrial chemicals firm worth around $120 billion, to be led by the head of Sinochem.
Sinochem Chairman Ning will serve as Chairman and Party Secretary of ChemChina, while ChemChina’s long-serving Chairman Ren Jianxin retires, Reuters reported, citing sources close to the companies.
The personnel change was announced on Saturday at ChemChina’s office by officials from State-owned Asset Supervision and Administration Commission and the Ministry of Organization, the report said.
Full Content: Reuters
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