fbpx

Apr 1, 2021

China Approves Restructuring of Sinochem and ChemChina

China gave approval for a restructuring of Sinochem Group and ChemChina Group, two companies that have been long the target of merger speculation.

The State-owned Assets Supervision and Administration Commission, which regulates the companies, announced the approval late Wednesday in a one-line statement. In a separate statement, Sinochem said the two firms will become wholly-owned subsidiaries of a new holding company, operated by SASAC.

The move “will further optimize resource allocation, strengthen innovation and stimulate business growth,” Sinochem said. It will also aid the development of the chemical industry in China, it said.

Source: Bloomberg

Tire and Rubber Association of Canada

A19–260 Holiday Inn Drive
Cambridge, ON N3C 4E8

Tel: (519) 249-0366
Email: [email protected]

  • Copyright©2023 Tire and Rubber Association of Canada