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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

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